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September 26, 2003/Elul 29 5764, Vol. 56, No. 1
Children learn benefits of financial responsibility
JESSICA BARBER
Staff Writer
A plastic, see-through pig may help children build a financially secure future.
Children are never too young to begin learning the benefits of money management, according to Keith Tigue, a financial adviser in Phoenix and co-chairman of the Money Smart Kids AZ program. After seeing many 50-something clients face a less-than-secure retirement, Tigue and his partner, David Robinson, decided they would start teaching financial responsibility to the younger generation.
"Marketers are inundating children with buy, buy, buy strategies," says Tigue. "College students are getting credit cards with balances on them and are being taught to run up debt. Credit card debt is a catastrophe in this country right now. I think if we teach children early on (about money management), it will work because they haven't developed bad habits yet."
Tigue and Robinson's program, "How to Raise a Money Savvy Kid," is centered on a plastic piggy bank with four chambers: save, spend, donate and invest. The program's curriculum teaches children from kindergarten through eighth grade to begin saving for the future now - even if it means spending less.
"Unfortunately, we've raised a generation of spenders," says Tigue. "The program is designed to teach children that they have more choices with money than just spend."
Phoenix resident Ben Passman has implemented the program with his 5-year-old son, Drew.
"One of my goals in life with my son is to make sure that he understands the value of money," says Passman. "I hope that as he gets older, he understands that when you make money, its not just to be spent on frivolous things. You have to have a clear plan and a goal."
Passman and his son follow the program's guidelines a few times each week.
"We sit down at his table in his room with the pig and we put all his coins on the table," explains Passman. "We go through the process of how much he wants to spend, how much to donate, how much to save and what to invest. Now, he's putting what I would consider to be reasonable portions in the proper categories."
Drew even understands that his "spend" portion of the bank does not have to be used immediately, says Passman. Currently, he is saving to buy a Game Boy with his "spend" money.
Tigue also stresses that the program opens an opportunity for parents to discuss financial matters with their children - a difficult subject for many to broach. The program also has a section for grandparents, called "How to Raise a Money Savvy Grandkid." Tigue and Robinson have conducted this program in senior centers for grandparents and their grandchildren.
The pair most commonly gives free presentations to nonprofit organizations and schools. Each child receives his or her own piggy bank.
"The curriculum consists of eight lessons, but we tailor it down for kindergarten and first grades because the concepts are to heavy," says Tigue. "With each group, there is a different twist on how to approach it."
The pair has also given presentations to The Girls Scouts, The Boy Scouts, in churches and to Friends of Orphans. In fact, the couple created Money Smart Kids AZ one year ago as a way to give back to the community through their business.
The money-savvy pig has been featured in USA Today as the No. 1 educational toy of the year, and has been mentioned in Time magazine and on the "Today" show, says Tigue.
Passman believes the program is working for him and his son.
"Its unfortunate that America has become such a debt-driven society," says Passman. "I just want to make sure that Drew has all the tools he needs so that when he's ready to buy a house, go to college or buy a car, he understands what's going on. I see (the program) as a building block. As he gets older, he'll be smarter and know how to make good choices."
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