Ridgewood Savings Bank helps foster financial literacy for kids, young adults this summer

The Ridgewood Savings Bank isn’t just a place to deposit money or cash checks. The long-time neighborhood banking company continues to serve residents in the greater metropolitan area by providing valuable tools and seminars to help expand their financial literacy. 

With the start of the school year for College and lower-grade students fast approaching, The Ridgewood Savings Bank prepares to host a series of free seminars and workshops this summer in neighborhood branches and schools. 

“With the dollar only going so far in busy households nowadays, parents and students both are in need of essential money management skills,” shared Leonard Stekol, chairman, president and CEO of Ridgewood Savings Bank. “We understand that financial literacy plays a crucial role in empowering individuals of all ages to make informed decisions about their finances, whether it is opening a child’s savings account today or planning for higher education needs tomorrow.”

Starting strong at the top of the year, the bank held over 160 events reaching more than 10,000 people. On top of their efforts to better share financial information with the public, the tools needed to safeguard a safe financial future are also offered to local clients.

Mark Sanchioni, chief buying officer of Ridgewood Savings Bank, emphasized the importance of delivering on the bank’s brand promise and fostering relationships with clients through these info sessions.

“While the online tools are easy for every bank to provide if they want, and most do, making yourself physically available to join people at a school or other congregate area, can sometimes make an even more important difference in their lives and I think community banks have made that more of a priority than maybe some other institutions,” Sanchioni said. “What has continued to surprise me is the hunger for that knowledge and education.” 

When the bank first started hosting information sessions and seminars, Sanchioni said there were some definite thoughts of people being bored or not thinking the information shared applies to the. But once the sessions began, he was joyfully mistaken. 

“Every time we walk into the room, you can hear a pin drop, in many cases,” Sanchioni added. “The q&a section is very robust and it always ends with an invitation to come back or a request to meet one-on-one.”  

The Ridgewood Savings Bank also emphasizes its unique programs aimed at offering students multiple methods of opening savings and spendings accounts. Their student advantage checking account and youth savings account gives younger clients starting at 14 years old the ability to start earning and spending money responsibly. Bankers also help to find the right student loan program for college students who need extra help paying tuition.

Sanchioni is a career banker, residing in Rego Park, and he’s seen people from all age groups come into the Ridgewood Savings Bank for its services. In every instance, what remains constant is the ability of bankers to hear the needs of clients and build a trusting relationship with banks. 

His advice for anyone interested in expanding their financial literacy and looking to safeguard their cash, “develop a relationship with that local banker.”