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 Business Wire 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 Angeles. 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 goals.” “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 serves.” 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. About Citi 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 children. 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 standards. Contact: Citibank Andrew Brent, 212-559-1299 firstname.lastname@example.org or ABA Meghan French, 202-663-5468 email@example.com
Citi Celebrates Teach Children To Save Day
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