If a penny saved is a penny earned, then children who were visited by Merrill Lynch financial advisors for "Teach Children to Save Day” recently picked up some important tips for making their money grow.
One of four financial advisors to visit schools in early April, Josh Currence volunteered to twice visit H.O. Brittingham Elementary School fourth-grade classrooms.
Currence said financial planning is an important skill and should be taught in American schools.
"I think it's important in the United States because the typical person has money problems at some point," he said. "I think if money management was a bigger part of our curriculum, a lot of people would have a lot less problems."
Money management is mature subject matter for children, but Currence said the children liked the idea of money growing based on interest.
"The idea of compounding interest and the math involved was difficult for them to compute," Currence said. "But when they saw money can have a snowballing effect because of compounding interest, that was a concept that really interested them."
Financial advisor Lauren Fritz-Mariner said she was glad to talk with children about money management.
“I wanted to participate because banking and investing are real-life lessons that too often are learned too late in life,” Fritz-Mariner said by email. “Every child should have the benefit of understanding money.”
Kyle Ricker is another Merrill Lynch advisor who went back to school for “Teach Children to Save Day.” Ricker said the concept of money has changed in recent years with the proliferation of credit and bankcards.
"I think it's a good idea to show young people how to save," Ricker said. "I think we should do this for high school students. It’s just a concept of living within your means.”
The Merrill Lynch Wealth Management offices are at 19535 Camelot Drive off Route 1 in Rehoboth. For more information, call 302-227-5159.