Rep. Thompson Honors Local Educator Sarie Toste
May 2, 2007
Last week on “National Teach Children to Save Day,” North Coast Congressman Mike Thompson honored Humboldt County educator, Sarie Toste, by commemorating her achievements in the Congressional Record. Thompson recognized Toste for spearheading a program in elementary schools throughout Northern California that helps children learn the fundamentals of financial literacy.
“Learning to save and invest money is a lesson our children will benefit from throughout their lifetimes,” said Thompson. “Along with the rise in credit card use, too many American adults are in trouble financially because they never learned how to manage their money wisely.” Toste initiated the first “Learn to Earn” program 11 years ago as the superintendent at Pacific Union Elementary School, when she realized that the children did not understand that they could save their money, watch it grow and help realize future dreams.
“Sarie's program is so amazing because it shows kids how enjoyable it can be to set goals for themselves and have the discipline to save for them,” said Thompson. “I believe the ‘Learn to Earn' program is something every student in America could benefit from.” “Learn to Earn” is a collaborative effort with a regional financial institution, Umpqua Bank, which provides weekly on-campus banking.
The children sign up, deposit one dollar and receive a passbook. Every week a bank representative visits the school and accepts student deposits. The children set savings goals, calculate interest earned and watch their account grow. With more than seventy schools throughout Northern California, the nearly 6,000 young savers have banked $1.5 million dollars, making “Learn to Earn” the largest, most successful school savings program in California. An accompanying curriculum helps teachers introduce the basic concepts of sound money management.
This is in sharp contrast to the savings habits of our nation's adults. Today, America's savings rate is negative, the lowest rate since the Great Depression. Even more alarming is the dramatic increase in personal debt, which has grown over the past decade by approximately 300 percent.
“Learning to save and invest money is a lesson our children will benefit from throughout their lifetimes,” said Thompson. “Along with the rise in credit card use, too many American adults are in trouble financially because they never learned how to manage their money wisely.” Toste initiated the first “Learn to Earn” program 11 years ago as the superintendent at Pacific Union Elementary School, when she realized that the children did not understand that they could save their money, watch it grow and help realize future dreams.
“Sarie's program is so amazing because it shows kids how enjoyable it can be to set goals for themselves and have the discipline to save for them,” said Thompson. “I believe the ‘Learn to Earn' program is something every student in America could benefit from.” “Learn to Earn” is a collaborative effort with a regional financial institution, Umpqua Bank, which provides weekly on-campus banking.
The children sign up, deposit one dollar and receive a passbook. Every week a bank representative visits the school and accepts student deposits. The children set savings goals, calculate interest earned and watch their account grow. With more than seventy schools throughout Northern California, the nearly 6,000 young savers have banked $1.5 million dollars, making “Learn to Earn” the largest, most successful school savings program in California. An accompanying curriculum helps teachers introduce the basic concepts of sound money management.
This is in sharp contrast to the savings habits of our nation's adults. Today, America's savings rate is negative, the lowest rate since the Great Depression. Even more alarming is the dramatic increase in personal debt, which has grown over the past decade by approximately 300 percent.
Issues:Fiscal Responsibility