Citi Celebrates Teach Children To Save Day
New Survey by Citi Community Development and Parenting Reveals That Parents Do
Not Consistently Teach their Kids the Financial Facts of Life
WASHINGTON -- April 23, 2013
The American Bankers Association and Citi will join forces today to celebrate
the 17^th annual Teach Children To Save Day, part of a national campaign
promoting the importance of financial literacy and saving for the future.
Hundreds of Citi employees will volunteer with youth across the country to
teach the financial facts of life, including how to differentiate between
needs and wants and the importance of saving to reach future goals. Citi
employees will volunteer in classrooms and after school programs in cities
across the country, including New York, Boston, Dallas, Chicago, San
Francisco, Miami, Washington, DC, Baltimore, San Diego, San Jose and Los
With support from Citi Community Development, Teach Children to Save has been
a 14-year tradition at Citi and during that time, Citi employees have taught
more than 100,000 children.
“Teach Children to Save is part of our commitment to responsible finance and
enabling progress in the communities we serve,” said Cece Stewart, President
of U.S. Consumer and Commercial Banking at Citi. “It’s no secret that
financial literacy is an important lesson: one that is often not passed from
parent to child. Financial education is a joint effort between parents,
schools and the banking industry. Citi is proud to be part of a program that
helps give kids a healthy financial start.”
Teach Children to Save is the banking industry’s largest collaborative effort
to encourage youth savings. Research shows that children who save are more
likely to go to college, have better control over their spending, have a more
positive outlook on life, and are more financially literate overall.
A recent survey from Citi Community Development and Parenting revealed that 41
percent of parents feel that their children do not understand the value of
money and saving. And while 90 percent of parents agree that financial
education is important, nearly half do not talk about money with their
children on a regular basis. Thirty-eight percent admitted to bringing up the
subject of money with children only as “the need arises.” Respondents also
said they wished their parents taught them about saving for the future (27
percent) and investing for the future (24 percent).
Of the lessons they want to instill in their own children, 57 percent of
respondents said that saving for the future was the most important followed by
household budgeting at 44 percent. Other key lessons of the financial facts of
life included managing debt (28 percent) and understanding their credit
histories and credit scores (21 percent).
“Findings like these make it clear that while many parents understand the
importance of financial education, there is a reticence to talk plainly and
frequently with their children about the critical money management skills that
will benefit them throughout their lives,” said Bob Annibale, Citi Global
Director of Community Development. “Together with our consumer banking
colleagues and with the leadership of the ABA, Citi Community Development is
pleased to participate in Teach Children to Save, which reinforces our
year-round support for initiatives that link financial access with the
necessary financial education so that the next generation can realize their
“It’s inspiring to see bankers across the country build this foundation for a
positive financial future,” said Frank Keating, ABA president and CEO. “Citi’s
many hours of dedicated service to the Teach Children to Save mission have
significantly advanced financial literacy directly in the communities it
This year, nearly 10,000 bankers from banks of all sizes are participating in
49 states, Guam, Puerto Rico and the District of Columbia. More than 121,000
banker volunteers have taught savings to more than 5.6 million young people
since the program began in 1997.
Citi, the leading global bank, has approximately 200 million customer accounts
and does business in more than 160 countries and jurisdictions. Citi provides
consumers, corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and credit,
corporate and investment banking, securities brokerage, transaction services,
and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi |
YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook:
www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
About the ABA Education Foundation
The ABA Education Foundationprovides financial education programs and
resources that help bankers make their communities better. More than 123,000
bankers have taught basic finance skills to some 5.2 million young people
through participation in the Foundation’s signature programs, Teach Children
to Save and Get Smart About Credit. Founded by bankers in 1925, the foundation
is guided by a board of bankers and is an affiliate of the American Bankers
Association. For more information, visitwww.abaef.com or call 1-800-BANKERS.
About The Parenting Group
The Parenting Group (TPG) reachesover 15 million modern familiesevery month,
bringing themfresh ideas through print, digital,and social media,as well
asmobile platforms, custom content, and events. TPG’s publications
includeParenting,the leading voice inhelping millennial families navigate
the first years of a child’s life;ParentingSchool Years, the only magazine
givingfamilies insight into the latest news and trends as they raise
school-aged kids;Babytalk, a trusted resource for today’s moms adjusting to
the new world of motherhood; BabytalkPregnancy Planner, a twice-per-year
digest that provides essential information on every aspect of pregnancy;
andConceive, a bi-annual guide for women trying to get pregnant.
Parenting.com offers all of the searchable and shareable content needed for
the modern family’s lifestyle, and real-time access to the information they
neednow. TPG gathers custom insights from itsMom Testers panel, a
nationally-representative online research network.Find us online at
www.Parenting.com; on Twitter at @Parenting; on Pinterest at
www.Pinterest.com/parenting and on Facebook at www.facebook.com/parenting. The
Parenting Group is a division of Bonnier Corporation.
SURVEY OBJECTIVES & METHODOLOGY
In March 2013 Parenting Magazine and Citi Community Development retained
Bonnier Custom Insights to undertake a survey of 500 mothers and 500 fathers
of children age 12 and under to understand their views related to finance and
A questionnaire was developed by Parenting and Citi Community Development with
input from Bonnier Custom Insights.
The survey was fielded by Bonnier Custom Insights via a series of email blasts
sent out by Survey Sampling International between April 5, 2013 and April 9,
2013 to their opt-in database of parents who had agreed to participate in SSI
surveys. The email blast contained a link to an online survey questionnaire
hosted by Bonnier Custom Insights.
All responses to the survey were received directly by Bonnier Custom Insights
and at the close of the survey on April 9, 2013 1,000 qualified, completed
questionnaires were received from the following groups of respondents.
All tabulations, percentages and other calculations published in the
accompanying report were compiled in accordance with established research
Andrew Brent, 212-559-1299
Meghan French, 202-663-5468
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