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Congressman
gives lesson in savings
by Diana Roemer
San Gabriel Valley Tribune, November 21, 2001
Vine
Elementary School students were treated to a book-reading from Rep.
David Dreier, R-Covina, Tuesday, who told them via a story - that
they must learn to save their pennies.
He read “It’s a Habit, Sammy Rabbit!” Sam X Renick,
to 16 third-graders. The book emphasizes the importance of saving
for a rainy day through the character Sammy Rabbit.
Sammy staves off a hungry day for his family after their stash of
carrots blows away in a storm when he produces a bushel of carrots
he collected and saved.
Dreier said he is interested in promoting such stories about personal
finance. Earlier in the year, he introduced a bill called the Youth
Financial Education Act, which will help teach students to understand
checkbooks, interest-bearing funds and basic personal financial management,
said Dreier’s spokesperson, Brad Smith. Renick read about Dreier’s
bill and contacted him.
“Obviously the goal today wasn’t to teach them about retirement
accounts but to explain the benefits of personal savings,” Smith
said. Most graduating students can’t even balance a checkbook,
he said, and they think credit cards are free money.
Dreier cited a 1997 nationwide survey that polled 1,509 12th-graders
who answered only 57 percent of the questions correctly on a financial
literacy test.
He said an evaluation by the National Endowment for Financial Education
High School Financial Planning Program says 10 hours of classroom
instruction can make a difference.
The Vine Elementary students got into the act when Dreier was done
reading, announcing their savings amounts and their renewed interest
in saving.
“I save baseball cards. I have 932; they’re worth a lot,”
said Nathan Field, 8.
Cynthia Rodriguez, 8, had a more practical approach involving her
savings account. She said she saves half of her money.
“Five dollars savings, $5 spending,” she says.
Dreier told students he learned to save when he was young.
“And I have some stashed away now in case of a rainy day,”
he said.
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