Bank president emphasizes smart savings for kids

I Got Bank: Teaches the value of saving money.I Got Bank: Teaches the value of saving money.A new kids’ book about the value of saving money from an early age is intended for the ears of grammar school set, but the message is one that people of all ages should take to the bank.

It’s a lesson that author Teri Williams, who is also the president and COO of Boston-based OneUnited Bank, learned as a young girl growing up in Florida. Her family had limited means, but taught Williams the value of setting up a savings account and contributing to it faithfully by earning money through babysitting, chores, and gifts.

“It’s one of things that’s been lost in current generation with everything online now,” Williams said. “I distinctly remember getting my first bank passbook and using it for years.”

The lead character of Williams’ book, “I Got Bank”, is a 10 year-old city kid, Jazz Ellington. His old-school grandfather helped him set up a savings account —and urged him to find ways to keep adding to its value by socking away little amounts as they came his way. But, granddad died and little Jazz has other influences in his life— mom, a brother and sister— who would prefer to spend his savings for him.

Teri WilliamsTeri Williams“I think a lot of families struggle with this dilemma,” says Williams. “So often our needs are greater than our resources and this pressure on teens and kids is a very common problem. One of things I recommend to any family is to start with the understanding that savings is important— and that it’s a starting point to save as much as possible for a rainy day or to help make more money.

“Second is to really try to look at different ways of adding to that savings— whether that’s a car wash, as Jazz comes up with to help the family—or babysitting. It’s really about teaching the value of working, of earning a living.”

Williams began writing the story of Jazz Ellington several years ago when OneUnited started to plan a financial literacy outreach program at city schools. She found that there were few resources that depicted kids in an urban setting — and fewer still that included scenarios like the ones that Jazz encounters in her book.

“It could be any city USA, there are a few things that people in Boston will recognize as a shout out,” Williams adds, like the name Blue Hill Ave. and the Yancey Book Fair. Williams herself is a native of Bridgeport, Connecticut who moved to Florida in high school and experienced life in both farm country and city neighborhoods. Her parents’ encouragement helped her land a scholarship to Brown University and she entered the banking field right out of graduate school. She’s been working at OneUnited—headquartered on Franklin Street in Boston— for 16 years.

My parents did instill really good financial lessons with us, about paying the bills and being financially responsible. They didn’t have a lot of resources, but these are important lessons for any family, regardless of resources.”

OneUnited Bank’s newest branch— in Dorchester’s Grove Hall— will host a special book signing and give-away this Saturday from 9-11 a.m. The first 100 families will receive a copy of I Got Bank at the branch, located art 648 Warren Street. The event is free. For more information, visit Oneunited.com/book


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