Promoting Financial Literacy

Gov. Terry Branstad and Lt. Gov. Kim Reynolds paid a visit to Glenwood's West Elementary School last Wednesday to get a first-hand look at the school’s Ram Savings Bank and to promote a statewide financial literacy initiative.

    The governor has signed a proclamation declaring April as Financial Literacy Month in Iowa.
    “We’re doing everything we can to promote financial literacy in Iowa and this school district has led the way in this,” Branstad said after watching a steady stream of West students make deposits into their accounts at the makeshift teller window set up in the school’s lobby. “So many people get into trouble because they don’t know how to manage their finances. Our government needs to understand the importance of this, too.”
    The Ram Savings Bank program, a partnership between the school and Glenwood State Bank, has been in place for 11 years. Once a week, staff members from the bank come to the school to assist with operation of the program. The young customers of the bank can come to the teller windows to deposit money into their accounts while supervised student tellers are working on the other side of the banking window. Deposits are allowed to be made in amounts ranging from 25 cents to $25. The lieutenant governor said she’s seen similar savings programs at other schools in Iowa, but never one where students are working as tellers.
     “It’s great to see kids on both ends of this,” Reynolds said. “They’re learning from this and gaining valuable experience.”
     During the school assembly, both Branstad and Reynolds encouraged the students to make saving money a habit.
    “You need to spend less than you take in and save for important things in your future,” Branstad said. The governor noted that over the next two years, a financial literacy program will be implemented into a statewide curriculum.
    Branstad and Reynolds fielded questions from the students at the conclusion of the assembly. Branstad was asked questions about several topics, including the places he’s visited during his time as governor, his favorite part of the job and how much money he makes.