First Federal Lakewood promotes Financial Literacy Month with children’s money-management initiative

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LAKEWOOD, Ohio — First Federal Lakewood annually helps children to understand the value of money and how to develop good habits to manage it wisely.

Currently open now through the end of the month (national Financial Literacy Month), the bank is providing a creative way for kids to learn about savings and managing money while providing them the opportunity to open their first savings account — with $25 contributed by the bank.

“One of our core tenets is providing financial education, so this is just one of many things we’re doing in the community,” First Federal Lakewood Chief Marketing Officer Valerie Kovacs said.

“This financial education outreach is a fun, interactive way for kids to get involved in banking.”

Parents can help their children download a coloring book featuring a journey through the forest with their banking friends: Banker the Bear, Teller and ATM, and Grace the Squirrel.

Along the way, children will learn about writing checks, saving money and the difference between needs and wants.

The activity book includes a page that, after being filled out by children and their parents, can be brought to any First Federal Lakewood branch to open a savings account and receive the monetary contribution from the bank.

“My son Mikah had fun completing the saving activity booklet,” Kaitlyn Kihm said. “He learned about how to write out a check and even went on to complete another check by himself.

“He also said that the page with wants vs. needs helped him better understand the difference, because the examples were things he recognized.”

Prior to the current coloring book program, First Federal Lakewood gave away piggy banks.

“We’ve seen a great response over the years,” Kovacs said. “It’s been very well received. Our branches share it with their local libraries, which put it out. We’ve shared it with PTAs, who will print the coloring sheet or a portion of the activity book and send it home as backpack stuffers.”

In addition to targeting youth with its Financial Literacy Month initiative, First Federal Lakewood remains committed to helping adults increase their financial literacy IQ through the bank’s Money Minute series.

The video series shares financial tips and advice to help people experience financial wellness through all phases of life. Each short video covers topics such as personal finances, identity protection, owning a home, planning for retirement and managing a small business.

“We emphasize an educational approach to reach our customers because when people know better, they do better,” First Federal Lakewood Chief Community Development Officer Chalana Williams said in a press release.

“By providing our customers with the tools necessary to be financially well, they’re essentially taking control of their finances and contributing towards economic growth within our community.”

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