As part of an effort to help children learn the importance of saving, Butterfield has been providing a complementary piggy bank to each child born at King Edward VII Memorial Hospital since May 2010.
Whilst still in the hospital, new mothers are provided with a card that allows them to visit any Butterfield Banking Centre in Bermuda to pick up an elegant, silver piggy-bank that is designed to complement the décor of any nursery.
Butterfield’s Senior Executive Vice President Michael Collins said, “As Bermuda’s own bank, we see it as part of our responsibility to help build a better savings culture on the island. This is one small way we can help new parents educate their kids on the importance of saving.” Mr. Collins continued, “We know that when individuals become interested in and proud of being able to save money when they’re younger, it tends to stick with them throughout their lifetimes. And having funds set aside for special purchases or rainy days is fundamentally important to good financial management.”
New mother LaToya Bean said she was thrilled to receive a Butterfield piggy bank on behalf of her son Amari, and echoed Mr. Collins’ sentiments.
“It’s a cute addition to Amari’s room and each time I see it, it reminds me that I have responsibilities to my son to help him learn to save. It also reminds me that I should be diligent about saving for the future, too… for big things like Amari’s education and for more immediate, special things like Christmas and family vacations. I think it’s a great idea.”
In addition to the new piggy bank programme, Butterfield offers a number of financial management products and services for youth, including Young Savers accounts for children aged 10 to 18, and the HookUp programme—a ‘financial management 101’ class for college-bound Bermudians. The Bank also offers specialised financial management classes, products and services for older clientele at various life stages.