Spare change helps teach financial lessons

06.20.09
By Nicholas Storie

Pennies, nickels, quarters and dimes - what can they buy you these days? A whole lot if you save them and use the collected spare change to supplement a household budget.

According to the Coinstar Hispanic National Currency Poll, 92 percent of Hispanics are saving up spare coins and using the extra money to help pay bills or pad their rainy day funds.

This marks a 15 percent jump in the number of people socking away loose change compared to one year earlier.

"In this economic climate Hispanics are realizing that this is the year of change and are taking this time as an opportunity to rethink their budgets and how they spend their money," said Elianne E. Gonzalez, personal finance columnist and author.

The survey also found that parents are using the act of saving change as an important teaching tool for their kids who are just beginning to learn about the value of money.

Over half (52 percent) of Hispanic parents say their children have a piggy bank to accumulate loose change and another 37 percent are rewarding their kids with money for doing certain chores or housework.

Parents are demonstrating that saving up these small sums of money can mean bigger purchases are more affordable in the future.

"Hispanic parents, in particular with this new mentality to save more, want to teach their children early on the power of saving," said Gonazalez.

"By keeping small change around the house it helps kids to literally see how their effort turns into something powerful that allows them to fulfill a dream, to buy a toy they love, or to engage in activities that they've been planning," she added.

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Kids are learning the benefits of saving early on