Apr 08, 2022 / Local Utah
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Your kids are inundated with unsolicited advice. Parents, grandparents, friends, teachers, social media influencers—there’s no shortage of people lining up to tell your kids what to do, how to act, and where to turn. And when it comes financial advice, your high school and college-age students are starting to learn that talk is cheap.
At Utah First, we’re putting our money where our mouth is by giving students practical financial education resources, along with $100 in cash and 25 scholarships every school quarter.
For one reason or another, today’s younger generations—including those classified as Millennials and Gen Z—have a general sense of distrust for the financial system. They’re turning away from traditional channels of financial advice and carrying with them a collective sense of money-related stress. In fact, a recent survey showed that about two-thirds of millennials and Gen Z respondents often worry or become stressed by their personal financial situations.
Perhaps one reason for the money-related stress is that today’s youth hear all the dos and don’ts, without actually doing anything themselves. They’re afraid of what’s to come without venturing into the real world to experience practical financial applications. They’ve never had the chance to learn the financial system before being scared away from it.
Kids learn by doing. If you needed further support for this fundamental concept, a study led by University of Chicago researchers showed that students learn more deeply in the real world. One of the study’s co-authors explained that this shift from the classroom to the real world fundamentally changes how students process information. It’s a different learning experience altogether—one that leaves a more meaningful, longer-lasting impression.
At Utah First, we’re invested in our community and the rising generation of Utahns. We want to instill trust in your kids’ financial futures. That’s why we’re helping high school and college students learn about personal finance concepts through online resources and real-world practical applications. We believe the best way to do this is by giving students the one thing they need more than advice—cold hard cash.
Through our Savings for Success initiative, any student—whether attending high school, college, trade or vocational school—can open an account at Utah First and immediately receive a free $100 deposit. To combat the skepticism that often accompanies free money (maybe the one thing people are more suspicious of than free advice), we’re making the program unmistakably simple—no frills, no fuss, no frustration, and absolutely no strings attached.
Your student just opens an account and receives $100. They can use it to save for the future or purchase approximately 300 packages of ramen noodles—the choice is theirs. Along with the free money, we’re offering on-demand, user-driven opportunities to learn. Through simple, engaging content, your students can browse financial resources on their own time and according to their own interest level.
A free $100 is a great start, but for most of the state’s students, a great start will only get them so far. With in-state college costs rising, many will feel an even greater financial squeeze once they start paying tuition.
Fortunately, Utah First goes beyond an initial $100 deposit to offer ongoing support for advancing students. Through our “Cash for College” program, we’re awarding a $1,000 scholarship to 25 different students every single quarter. Credit union members who have declared their status as students are automatically eligible to receive a scholarship every single quarter.
Your kids don’t have to feel anxious about their financial futures. They just need to know where to turn for the right resources. Through a variety of unique programs, we’re committed to helping your kids by pairing engaging financial education with free cash. In doing so, we’re giving high school and college students a head start on the path toward healthy financial decisions.
If you’re a student (or know someone who is) and you want to claim your free $100, visit our website today.