A Penny Earned is a Penny Saved: Pratt Institute’s “Thrift”
By Sandra Roff
There have been recent articles in the press concerning the fact that children do not save their money.
A recent New York Times article stated that the average weekly allowance is a whopping $30 a week but only 3% of parents reported that their children saved any of the money. Let’s turn back the clock one hundred and thirty-two years, to 1887 Brooklyn, New York, when Charles Pratt, a businessman turned philanthropist founded Pratt Institute to educate both men and women. On Founder’s Day at Pratt in 1889, Mr. Pratt announced, “that an association, to be called the Pratt Institute Thrift Association, which for convenience will be known as the Thrift, will be organized at once.” This new association was formed to help people in general, but particularly young people in saving and wisely investing their earnings.
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