MONSON/LUDLOW — The pink piggy bank is an iconic symbol for savings, even a basic step toward financial literacy. Banker Lena Buteau loves the ringing sound of pocket change landing in the belly of the pig.

“Financial literacy needs to start in kindergarten where children get their allowance and they put it in the piggy bank,” said Buteau, who is vice president of retail administration for Monson Savings Bank.

April is Financial Literacy month and banks along with credit unions are opening vaults of information, hoping to boost the financial literacy of their customers and communities. According to the S&P Global Financial Literacy Survey, more than 40 percent of Americans consider themselves financially illiterate.

Jennifer Lopez of LUSO Federal Credit Union thinks the need for information about basic finances is strong because she sees a thirst for tutorials, coaching and articles posted on the credit union’s website.

“Financial literacy is one of the most popular sections of our website. We see a heavy amount of traffic to web pages that include financial planning, newsletters, budgeting, managing your credit and a range of other key issues,” said Lopez, who is LUSO’s marketing director.

For many years Monson Savings Bank and LUSO Federal Credit Union have both had strong programs to educate the community. Representatives from both institutions make presentations at local schools, businesses, churches and other civic groups. From topic to complexity, the information is tailored to the audience – from improving the way people handle, spend and save money to smart ways to manage credit, buy a home and create budgets.

“I don’t think there’s much exposure to financial literacy programs at all. I wish there was a full-blown program for every student in our schools. But it’s hush hush in the world. Parents don’t talk about it with their children and teachers don’t talk about it either as part of their curriculum,” said Buteau.

Talking finances can provoke anxiety and frustration. That’s why LUSO gives children and adults advice in small, digestible pieces.

“Financial health and wellness affect everything from whether you can buy a new toy to whether you can purchase a car or rent a home. People need to understand their financial wellness is more than just how much money they have in the bank. It’s the way they spend money, whether they allow themselves to go into default on their loans, whether they overdraw their checking or savings accounts. All of that is important and can follow you down the road,” said Lopez.

Having enough money to live and retire well is the goal of financial health. But teaching financial literacy begins with children who drop coins into that first piggy bank with money they make doing chores, running lemonade stands or babysitting. Both Monson Savings and LUSO have strong in-school teaching programs, and both are ready to sign kids up on the spot for savings accounts.

“Understanding where your money is coming from and going to gives children a great head start in life,” said Buteau. “If you can’t put together a really good budget and understand where your expenses are and how to save for the future, then that’s going to be a problem.”

LUSO and Monson Savings both have helpful information about improving financial literacy on their websites. Check out www.lusofederal.com or www.monsonsavings.bank for more information.