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Media Contacts:
Debbie Pierce                                       Alexandre Heine
Young Americans Center for Financial Education      GroundFloor Media
Phone: 303.320.3250                                 Phone: 303.907.4797                      

 Young Americans Center for Financial Education Finds that 75 Percent of Kids Receive
                      an Allowance and only 42 Percent Save

DENVER (April 29, 2008) — Nearly 75 percent of kids receive an allowance and only 42
percent save a percentage of their allowance money, according to a recent survey conducted by
Young Americans Center for Financial Education, a nonprofit organization located in Denver
whose mission is to further the economic education of young people. The survey was conducted
in April in conjunction with Financial Literacy month and released today, Teach Children to Save

More than 600 local children between the ages of seven and 13 responded to the survey. When
asked how much they receive for allowance, answers varied from less than $1 to $50. Twenty-
one percent of the children surveyed receive a $5 to $6 allowance; 13 percent receive $9 to $10
for allowance; and 15 percent receive more than $10. Forty-nine percent of the children receive
their allowance on a weekly basis and 13 percent of the children receive allowance once a

“Money management education should begin as early as four years old,” comments Richard
Martinez, president of Young Americans Center for Financial Education. “While schools are
great at teaching algebra, calculus and geometry, not many of us learned about the basics of
personal finance – savings accounts, spending plans, budget planning, etc. The earlier we learn
to handle money, the more likely we are to manage it properly.”

The concept of allowance is usually the first introduction of money to children. Learning to
manage money is fundamental in today’s complex society and can provide children with
increased confidence and self-esteem. Parents can begin by implementing a few important
steps with their kids when setting up an allowance program:

   •   Establish a Save-Share-Spend plan with your child that allows him/her to divide
       allowance three ways:
           - Save – for short-term goals and long-term goals
           - Share – a charity your child would like to donate to
           - Spend – for inexpensive “got-to-have-now” purchases
   •   Develop a monthly spending plan/budget with your child and work with him/her to stick to
       the plan
Young Americans Center for Financial Education offers Saturday classes for customers, with
topics ranging from Savings Smarts to Budgeting to International Currency. These free classes
are age appropriate and include hands-on activities. Weeklong summer camps for 2nd – 7th
graders are also available. Classes and camps are held at the Cherry Creek location, 3550 E.
First Avenue in Denver, or at the Belmar location, 401 S. Pierce Street in Lakewood. For more
information about the classes, visit or contact Josh Mikatich at

About Young Americans Bank
Young Americans Bank, based in Denver, is the only FDIC-insured bank designed specifically
for kids under the age of 22. Today, there are more than 13,000 savings accounts at the bank –
that’s a lot of young people working hard to save their money! Young Americans Center for
Financial Education, the 501(c)3 nonprofit companion to Young Americans Bank, offers
classes and programs to complement the bank’s educational mission. Since 1987, more than
360,000 kids have participated in financial literacy courses held by the center.

Children from all 50 states and 12 foreign countries comprise the clients of Young Americans
Bank. Kids can open an account two different ways: by mail or by visiting the bank in Denver.
To open a savings account at Young Americans Bank, children need a minimum of $10, and
they will earn interest quarterly. The best part is there are no monthly service charges (if a
deposit or withdrawal is made once every three years). For more information, please visit or call 303-321-BANK.


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