Jan 24, 2022 / Local Utah
When kids are young, money can seem pretty complicated. But like anything else in life, with a little experience comes a lot of understanding. And the earlier your kids start, the faster they’ll learn the ins and outs of personal finance. That’s why Utah First created the Savings for Success program—just for high school students—to give your teens valuable experience in the banking and financial system with some free seed money to help their savings grow.
High school is the perfect time for your teens to learn about money. Their minds are engaged in ever-expanding educational possibilities and practical life lessons. And when it comes to finances, they’re just starting to earn money on their own and finally mature enough to grasp complicated financial concepts. It’s also a great time—just between childhood and adulthood—to instill healthy financial habits that can leave a lasting impression. In fact, behavioral researchers from Cambridge University found that kids begin to align their spending decisions with life values and future goals during their teen years, making it the perfect time to instill real-world financial lessons.
The Utah First Savings for Success program aims to capitalize on these valuable learning years by giving your teens a place to safeguard their income, earn interest on their savings, and work toward financial independence (i.e., no more mooching from you!) And because real-world experience is the best kind of learning experience, we’re giving your teens a free $100 deposit when they open a new account. Or, if your teens already have an account, they can invite two friends to open accounts, and we’ll give them $100 too. This deposit, courtesy of Utah First, can serve as valuable seed money to help their savings grow and give them the opportunity to learn financial management—i.e. keeping the ins greater than the outs.
In addition to a $100 head start and the chance to earn interest on their savings, a Utah First Savings for Success account gives your teens a financial home to start building their financial futures. As they prepare for college, begin saving for a car, college, rent, even a home mortgage, and other future possibilities, Savings for Success lays the groundwork for your teens to gain valuable experience within the banking system. It provides the natural financial framework for eventually learning the value of a credit card, a loan, and the ability to save for and achieve financial goals. Of course, because they’re officially a member of Utah First, they’ll get all the benefits of becoming a member-owner of a financial institution that cares about them, their families, and their community.
Every teen deserves a head start in life. With a Utah First Savings for Success account, your high school students can learn valuable money lessons, stay ahead of the financial curve, and take their first steps toward financial independence. To learn more about how your teens can open their own account and get $100, visit UtahFirst.com/success.