Q&A: Steve Martin: the marketing value of financial education.

• Position: Marketing News - Dialogue with Steve Martin - Interview

Steve Martin, CFMP, is the vice president, marketing, of Canandaigua National Bank & Trust Co., Canandaigua, N.Y., (assets: $1 billion) and the current vice chairman of the ABA Education Foundation's board of trustees. We recently spoke with him about why and how marketers should get involved in providing financial education for young people. The conversation follows.

Q: Why do you spend marketing dollars on financial education?

A: First, it's a banker's responsibility to reach out and provide financial education. From a marketing standpoint, it gives bankers entree into schools. It's a soft way for bankers to introduce themselves to students, faculty, staff and administration--and there might be ancillary business opportunities that come from that interaction. Over 25 percent of people still have a connection with their first bank account. By reaching out to students, we have a chance to be their lust bank.

Q: What does your bank gain by offering financial education?

A: It's a great way to introduce ourselves to the community. Banks gain positive public relations attention and possibly CRA credit because providing financial education is essentially community service.

Q: Do you participate in any special events?

A: We participate in two annual events sponsored by the ABA Education Foundation, "Teach Children to Save Day" in April and "Get Smart About Credit Day" in October. We put our army of 10-15 people out on those days to teach lessons.

Q: What long-term financial education programs do you use in your bank?

A: Our branch managers go into schools and provide financial education as part of a New York Education Department...