The Fauquier Bank focuses on financial literacy for children, adults, elderly

The Fauquier Bank will join the Virginia Bankers Association, government agencies, educational institutions, trade associations, corporations and sponsors of education programs to promote Financial Literacy Month throughout April.

“The Fauquier Bank is pleased to celebrate Financial Literacy Month. Financial Literacy is critical and while we recognize April as Financial Literacy Month, the Bank is committed to providing educational opportunities for community members, of all age groups, throughout the year,” says Abbie Ford, VP Director of Retail Banking.

To that end, The Fauquier Bank is sharing tips for different segments of the population each week of Financial Literacy Month.

• April 1-7 is a focus on children: Anytime is the right time to start teaching children about money. If they are old enough to ask for a toy or a bike, they are old enough to start learning financial lessons that will last a lifetime. Banks are committed to creating a money-savvy generation; consumers are encouraged to contact their local bank to engage them in efforts to provide kids with the education they need to succeed.

• April 8-14 is a focus on young adults: The average student loan borrower college graduate begins their career owing more than $37,000 in student loans. Considering the additional living expenses they’ll soon face, young adults would be wise to focus on their financial future right now. Many banks offer personalized financial checkups to help them identify and meet their financial goals, along with free digital banking tools that let them check balances, pay bills, deposit checks, monitor transaction history and track their budget. Young adults are encouraged to contact their local banker to find out more information about these resources.

• April 15-21 is a focus on adults: As Americans kick off the spring season by cleaning, sorting and tidying up around the house, VBA encourages consumers to add financial organization to their spring cleaning to-do list. Consumers are encouraged to contact their local banker to discuss their finances or for help with any of these financial spring cleaning steps.

• April 22-30 is a focus on elder financial exploitation: Each year, older bank customers lose approximately $2.9 billion to fraud, but it is suspected that number is drastically underestimated because only 1 in 44 seniors report financial abuse. Banks are continuously enhancing their capacity to spot elder financial abuse through on-going training and enhanced fraud detection technologies.

While April is a great time to focus on financial literacy, The Fauquier Bank encourages Virginians to think about money management and preventing elder financial abuse all year. It is essential to the Commonwealth that its citizenry be financially literate, responsible and able to properly manage money, credit, and debt.

Fortunately, Virginia is one of 20 states in the nation that requires high school students to take a course in economics and one of 17 states that requires high school students to take a course in personal finance. Virginia was also recognized as being one of the five states to receive an “A” in the Champlain College Center for Financial Literacy’s 2017 National Report Card on State Efforts to Improve Financial Literacy in High Schools.