Sheila Bair, FDIC chairwoman, has written a picture book for children on responsible money managing. Rock, Brock, and the Savings Shock relates the story of twins whose grandfather gives them one dollar a week for ten weeks. Gramps promises to match each dollar saved at the end of each week. Brock saved his money, but Rock bought whatever looked good to him. Brock kept getting more money, but Rock only got one dollar each week, because he had already spent his money. By the end of ten weeks Brock had $512; Rock had no cash and a lot of semi worthless stuff. By that time Brock had enough money to buy some really nice things and still save some money besides. You can read the story to see what happened to Rock.
After the story ends there are pages that explain the math and compound interest, and encourage kids ot save a portion of the money they receive.
Sheila Bair and her part in the present economic situation were highlighted on Nation Public Radio's morning show a few days ago. You can click here to read a transcript of the program, including a reference to Rock and Brock.
You never know what you're going to hear on NPR -- this morning I heard a person singing the praises of children's author/illustrator Mo Willems. But that's for a later posting.