Training in Thrift

Sun (Auckland), Volume II, Issue 412, 21 July 1928, Page 8

Training in Thrift

Auckland Children have Saved £11,509

THE sequence of recent discussions lias raised in the minds of many Auckland fathers and mothers doubts upon the financial and social benefits produced by fch bank scheme. Figures provide definite evidence of thrift, however, and sound facts are advanced to establish the fallacy of the class-distinction argument which has been brought against regular saving among girls and boys. Since September, 1926, over j£ 11.500 has been saved by the children in the Auckland schools.

Although desultory endeavours have been made in the past to implant in the mind of the child the desire to save, little tangible success was attained until a few years ago, and the indulgence displayed by the average modern parent was reflected to an alarming degree in the habits of the young people. True enough, the postwar years were not years of thrift — rather the contrary—and the relief from the national strain was manifest, not only in the emotions of the people, but also in their financial practices. Public men, school authorities, the Prime Minister —everyone, in fact, but the parents—became concerned about the extravagant expenditure of pocketmoney among school children, and half-hearted general appeals were

made to fathers and mothers to divert the flow of superfluous cash from the sweet shop and the ice-cream stall into the more enduring coffers of the bank. But it was not till late in 1926, when the Auckland Savings Bank instituted its school bank, that a genuine and substantial effort was made to effect this much desired diversion of child wealth. SAVINGS DROP The main penny-bank, which was established in 1876, gave promise of great achievement, and for 30 years its extension was considered to be commensurate with the increased savings of a growing population. The improvement of the cinematograph, however, and the introduction of novel attractions for juvenile entertainment, so affected the savings that from 1910—four years prior to the war —to the end of March this year, the deposits remained steadfast about the

same figure. In 1910 £5,64S was placed to credit; and in every successive year the amounts have oscillated within a few pounds on either side of that sum, £5,742 having been put through in the year just closed. An entirely different result is shown at the schools. As the school-bank scheme is conducted at a commercial loss, the Auckland Savings Bank considers it to be a contribution toward the cause of community thrift. Figures, indeed, would indicate that this contribution is justified in the magnificent result. Since its inception in September of 1926, it has widened its administration scope till it now embraces 65 schools, and only two of the institutions in the urban area are without its jurisdiction. NO CLASS AMONG CHILDREN

An objection to the system was raised recently on the ground that the unequal financial status of school children would cause such a discrepancy in their contributions to the weekly bank that class distinction would be engendered, and social evil would accrue. To this it is replied that class distinction among young children is a myth—demonstrated convincingly by the intimate association of schoolfellows irrespective of appearance and garb. Inquiries among teachers establish an absence of any visible distinction upon question of class or creed. The average weekly contribution of the school child depositor is in the vicinity of Is, but the amount varies from time to time with monetary birthday gifts from rich aunts, and rises with occasional family assistance in the establishment of a tidy balance. On rare occasions upward of £1 is deposited, and half-crowns are frequent. In the 65 schools in which the system operates, there are 8,600 accounts —some of them infinitesimal, others assuming surprisingly large proportions. Strangely enough the working districts, generally speaking, show a greater tendency toward thrift than do the children in the more wealthy suburbs, and the record of 347 accounts, with a saving of £470 in one year—and average deposits of £l2 weekly—is held by an institution in an area largely comprising workingclass families. EVIDENCE OF THRIFT In effective response to the puzzling query which persists in coursing through the minds of Auckland fathers and mothers, the records of the school bank show that during the few years of its existence the average contribution over the whole had just doubled itself, and shows a healthy indication of greater increase. The credit balance is now £11,500.

Perhaps an even more conclusive endorsement of the bank’s virtues is found in a reflex degree. During last year the receipts at the main penny bank in the city began to rise steadily, and those who have investigated the figures accept this appreciation as a proof that the principles of thrift are percolating into the receptive minds of the children and are being mirrored in their general savings apart from the schools.