Bank of America Empowers Children with Financial Tools for Their Future in Kidtropolis Exhibit

It’s a city for kids, run by kids and Bank of America is providing children with the financial tools they need to prepare them to build a healthy financial foundation for the future. The brand new Bank of America financial center inside the Children’s Museum of Houston’s Kidtropolis, USA exhibit has been revitalized to replicate real elements of today’s financial centers that will encourage children to take charge of their financial decisions as adults. This enhancement will be marked with a ribbon cutting ceremony at 12:30 p.m. on Sunday, April 9 and media is invited to join. And the first 100-children to enter Kidtropolis will receive free Bank of America piggy banks

Activities will include: a jubilant “city” rally led by the High Steppers brass band along with the Museum’s Kid’s Committee, a Kidtropolis key presentation by our own Kid Mayor, and a burst of confetti cannons following the ribbon cutting.

“Through educational institutions and exhibits like Kidtropolis, we believe that the hands-on learning provided through the renewed Bank of America financial center will teach better money habits and help children become successful, financially responsible adults,” said Hong Ogle, Houston President of Bank of America. “We worked closely with the Children’s Museum to ensure we provided realistic financial service environments and activities that teach core financial principles that adults face every day, such as budgeting your money, learning about stocks, starting a small business or understanding what you need in order to apply for a home loan.”

GIVING KIDS THE FINANCIAL EDGE

Three main components make up all-new elements in Kidtropolis’s Bank of America financial center:

The Merrill Edge Financial Solutions Office: Where children learn to make an investment in their future. They learn the value of saving early and often, and form wealth habits to prepare them for short term and long term financial success. They explore stocks, bonds, certificates of deposits (CDs) and see how interest can affect savings over time with different investments.

Small Business Banking Office: Where children develop plans for creating businesses on their own, including completing a written business plan, learning about the active role of banks in considering the viability of a new business, and exploring how production rates and product pricing affect profits.

Home Loan Office: Where children learn about different types of debt and the difference between wants and needs. They explore factors related to saving and planning for purchases, the impact of interest rates and their ability to finance. They also apply for a home loan through credit assessment and calculate how long it would take to pay off their mortgage based on division of payments, principal and interest.

FINANCIAL FACTS

Money matters. And developing Better Money Habits to learn how to manage it is imperative to attain freedom, independence, and success. However, according to recent stats, most young adults receive no financial education before they enter the work force. Here are some interesting facts:

• 57% of college graduates plan to move back in with their parents (MonsterTrak).
• 62% of college graduates expect to leave school with an average $27,236 in student debt (The Student Monitor).
• 39% of American adults have ZERO non-retirement savings (National Foundation for Credit Counseling [NFCC]).
• More than 19% of American households have college debt (Pew Research Center).
• More than half of adults (56%) do not have a budget (NFCC).

ABOUT CHILDREN’S MUSEUM OF HOUSTON

“America’s No. 1 Children’s Museum” by Parents Magazine, listed among Forbes’ and USA Today’s “Best Children’s Museums in the U.S.,” winner of Houston A-List “Best Museum 2010, 2012, 2013, 2014 & 2015,” the Children’s Museum of Houston is a A Playground for Your Mind™. It is dedicated to transforming communities through innovative, child-centered learning with a vision to spark a passion for lifelong learning in all children. Founded in 1980 and housed in a whimsical building designed by internationally acclaimed architect Robert Venturi, the Children’s Museum of Houston offers a multitude of innovative exhibits and bilingual learning programs for kids ages birth to 12 years. The Museum serves more than 1,100,000 people annually and operates as a 501(c)(3) under the direction of a Board of Directors. It is located at 1500 Binz in Houston’s Museum District. For more information, please visit www.cmhouston.org or call (713) 522-1138. Can your mind come out to play?™

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