They know the difference between a .wav and a .mov file. They know how to upload and download. They know how to burn and dub. Who are "they?" They are our children. America's youth are masterminds with computers and electronics, but just how skilled are they with managing their money?
That's the question that prompted Salisbury Bank to join the Lights, Camera, Save! contest. It's a video contest that allows teens to use the power of video to talk about saving. The main purpose is to get young people excited and thinking about the value of keeping money in their accounts instead of looking for reasons to spend it.
It's ironic: we had to pass a driver's education course before we could get behind the wheel but when it came to navigating our finances, many of us were roaming around on hall passes. This program seeks to change that dynamic for the next generation of consumers. As it stands, 73.9 percent of students received a failing grade on a test of personal finance knowledge administered by the Jump$tart Coalition in 2008. This same survey found that some 25 percent of high school seniors don't even have their own bank account.
According to Michael Dixon, the Bank's executive vice president, "The Lights, Camera, Save! competition is designed to be an elective task that students can tackle for a fun chance to win cool prizes. To participate, kids between the ages of 13 and 16 can stop by our branch or visit our website for an entry form and contest details."
Salisbury Bank will host the first round of judging and submit one winning video to compete on the national level for a chance at a $3,000, $1,500 and $500 in U.S. Savings Bonds and an iPod® Touch.
Lights, Camera, Save! is a part of the Teach Children to Save campaign, a national movement of volunteer bankers who guide young people towards lifelong savings habits. Since 1997, the campaign has reached 3.4 million young people with the help of some 80,000 banker volunteers, an annual awareness event (Teach Children to Save Day) and the Teach Children to Save Web site at www.teachchildrentosave.com.
Salisbury Bank is a full-service community bank headquartered in Lakeville, Connecticut and presently operates full service branches in Canaan, Lakeville, Salisbury and Sharon, Connecticut, Sheffield and South Egremont Massachusetts as well as Dover Plains and Millerton, New York. The Bank has been serving families and businesses for over 160 years and offers a full range of consumer and business banking products and services as well as trust and investment services.