School Savings Program

Location: Participating schools in Arkansas and Mississippi

Core Goals affected: Savings

Spare change isn’t always shiny, but it can create glowing results. That’s why most weeks of the school year, you’ll find Southern Bancorp hosting a “Bank Day” at schools throughout our communities in an effort to educate students on the importance of savings. The work is based in research that suggests developing good financial habits early can be an important determinant in lifetime wealth accumulation, and a significant factor in increasing one’s economic mobility and breaking the cycle of generational
poverty.

Emboldened by high participation levels and a contagious excitement that comes from seeing kids bring their own money to deposit, Southern’s public policy team is now working with policymakers to identify mechanisms for scaling similar child savings programs to reach far beyond our own market borders. By working with both parents and policymakers, Southern Bancorp is seeking to turn spare change into economic change.