Building Financial Confidence: WSFS Partners with Schools to Promote Financial Literacy

Saving isn’t easy.

Personal finance often remains a blind spot for many youth until they face their first financial obligation, which can oftentimes result in taking on debt. That is why it is important to introduce the basic principles of financial literacy early.

Through our partnership with schools across the Greater Philadelphia, New Jersey, and Delaware region, WSFS Associates took to classrooms from April 15-19 providing lessons on budgeting, saving, credit and more for Teach Children to Save Week. This year, more than 56 classrooms participated in the program, reaching more than 1,492 K-12 grade students.

“At WSFS, we understand financial literacy is a cornerstone for success. Building financial literacy is a long-term game. By partnering with educators, we’re laying the groundwork for a financially secure future. We go beyond Teach Children to Save Week, partnering with schools and nonprofits year-round to equip students and our community with the tools they need to thrive financially,” said Vernita Dorsey, Senior Vice President, Director of Community Strategy at WSFS Bank.

How can parents bring financial lessons to life for their children at home?

Here are just a few ideas to help your child develop key financial skills needed throughout life:

1. Give them a piggy bank right from the start and show them how to use it.
2. Introduce fun games that teach them about money and spending habits.
3. Take children to the grocery store and involve them in shopping by talking about the cost of items. If they’re older, give them a list and your budget and see if they can help you complete the trip without overspending.
4. Give them an allowance for chores and teach them the value of it.
5. Take them to the bank once an allowance is introduced and open a savings account to begin teaching the value of saving.
6. Don’t be afraid to speak with your children about money and responsibilities, and sometimes the issues that can come along with it.

It’s never too early to start teaching children valuable financial lessons. By fostering the right habits, you can help them become confident savers and pave the way for financial success.