Congressman Al Green Teaches Amigos Por Vida Students to Save and Spend Wisely

(Houston, TX)--Today, Congressman Al Green (TX-09) joined Julie Cripe, President and CEO of OMNIBANK, to give Amigos Por Vida Charter School Students an interactive financial education lesson on the importance of saving and money management.  The American Bankers Association (ABA) Education Foundation’s “Teach Children to Save” program includes games and activities about saving, budgeting and distinguishing needs from wants.  The event also helped students develop a familiarity with banks and other financial institutions.

“Our youth are active spenders, but are they active savers?” asked Congressman Al Green.  “Our goal is to get our youth to understand that spending and saving must compliment each other such that a balance can be achieved for long-term economic stability.” 

A 2008 America Saves survey reports that only 28 percent of Americans save the suggested 10 percent of their income.  Consequently, America’s poor saving habits are trickling down to our youth, with one in four assuming that they are too young to begin saving, reports Charles Schwab Teens & Money 2007 survey. 

“Whether you’re talking about a college education or home ownership, a good savings habit is the difference between dreams and reality,” Congressman Al Green said.  “I strongly believe that a rising tide lifts all boats. By creating an educated and literate population, we strengthen our national economy and help everyone take a step closer to achieving the American dream.” 

According to the Consumer Federation of America, young, low-income and minority individuals are the least likely to have a separate emergency savings fund.  Only 31 percent of African-Americans and 32 percent of Hispanic-Americans have such a fund, compared to 40 percent across all demographics.