PEORIA, Ill. – Illinois State Treasurer Michael Frerichs stopped by the Peoria Public Library on Friday to read about Franklin and saving money to kids during storytime.
Frerichs said it is important to teach kids about saving money at a young age.
“It is important to start kids in good habits saving. We want to help reduce student debt, and we have a retirement savings crisis,” Frerichs said. “Too few people are saving enough for their retirement. It’s never too early to start them in good practices.”
Frerichs said that he began talking about finances with his daughter when she was 4 or 5-years-old.
“We started talking about her college savings and about investing and how you can make more money,” Frerichs said.
Frerichs said another reason he talked to his daughter about financial matters at such a young age is to also set a high expectation.
“I find when you set the bar high for young people, they might not always reach it, but they are reaching towards it,” said Frerichs.
He hopes the kids get excited and hope they learn about saving.
“It’s a long process but we want to be part of that. And the Treasurer’s Office, we’re very concerned about financial education. It’s just one of many thing we do to help out our citizens,” Frerichs said.
