SOUTHERN INDIANA — German American Bank is offering finance courses for teens and giving them a chance to make a little money too.
The Financial Literacy Bee starts April 1 and continues through April 15.
During that time teens go to GermanAmerican.com and take the finance courses, then write a short essay about a financial goal and the steps they’ll take to achieve it.
“We believe being financially stable is a part of a holistic kind of life, that works together to give you a solid foundation of life,” said Jane Balsmeyer, the bank’s senior vice president of marketing.
The bank is working with EVERFI for this initiative and offering a total of $2,500 in awards. EVERFI will give out a $500 award to one regional winner and the bank will give out $500 to two teens in Indiana and two teens in Kentucky. Anyone 13 to 19 is invited to take part.
It can be hard to start conversations about money with families, which is why German American Bank is encouraging parents to take the course along with their teens.
“I think it’s really about making sure that you understand your finances, that you are able to manage them,” Balsmeyer said. “Wherever you are at in life this is something everyone goes through, you have to be able to have your goals, objectives and drive.”
Financial literacy focuses on everyday money management, including budgeting and avoiding overdraft fees.
“From a standpoint of a parent also going through it, there’s going to be somethings (in these courses) that can help them have conversations,” Balsmeyer said. “…I think sometimes all of us as adults, we need that financial education also.”
Teens are able to open checking and savings accounts at German American Bank.
For this generation, everything is digital. That means there’s more resources for them to spend money. These course can help them get a handle on understanding where money is going.
German American Bank is based in Southern Indiana.
“A local bank is going to support your local community in ways that local banks understand what local communities need more than the big banks,” she said. “We can be more involved in the community, economic development and downtown business associations.”