Community Commitment

Today’s teens are active consumers, spending $180 billion annually. But are they saving in addition to spending?  Statistics do not show encouraging trends. To enlighten our youth on the importance of saving, thousands of bankers, including several from First Commonwealth, reached out on April 29 to teach savings lessons across the country in honor of the 12th annual “Teach Children to Save” Day. Why is it important? Recent studies report that almost 90% of young people have never taken a class in personal finance, although they spend billions each year... highlighting the urgent need for financial education.

This year, First Commonwealth joined the financial literacy effort by coordinating “Teach Children to Save” events throughout Southwestern PA over a two-week period in April and May.

A total of seven First Commonwealth employee “teachers” – Doug Teaderman, Benito Rivera, Jason Jones, Melissa Bartolomeo, Mindie Tichon, Kenja Dixon and Chris Ream – representing some of our Pittsburgh area offices, visited over 1,300 students ranging from kindergarten to the 12th grade, and used their banking expertise to create out-of-the-ordinary classroom lessons to inspire students to become life-long savers.

The younger kids learned about savings accounts and why they should use a bank instead of a "piggy" bank to save; high school teens were taught the intricacies of how to manage a checkbook; and both groups received lessons on knowing the difference between needs and wants when making spending decisions.

These lessons will hopefully leave a lasting impression on the students and encourage them to pursue a greater understanding of financial matters. Participating schools included: the entire Steel Valley School District, Jeffery Elementary, Sunnyside Elementary, Peabody High School, St. Raphael’s and Pittsburgh North Catholic.

So far, the feedback from the schools has been phenomenal and we plan to participate in this worthy project again next year. Chris Ream should receive special kudos for fully coordinating the effort at First Commonwealth for 2008. Now known as our "Education Administrator" in the field, Chris is looking forward to making First Commonwealth's commitment to "Teach Children to Save" even bigger and better in 2009.

A Jeffery Elementary student

Doug Teaderman at Jeffery Elementary

A St. Raphael student at work

First Commonwealth 'teacher' with Tower Savers Bank winner