Zions Bankers are teaching hundreds of students in classrooms throughout Idaho and Utah this month in honor of the American Bankers Association's National Get Smart About Credit Day.
This week, Zions Bank President and CEO Nate Callister taught students at West High School about credit scores alongside U.S. Ski and Snowboard athlete Nick Goepper. The bank participates in the program every year.
Since 2002, Zions Bankers have taught more than 230,000 K-12 students as part of the bank's financial literacy outreach efforts.
The bank says it's never too soon for teens to start getting serious about their credit. Good credit can result in more favorable interest rates, saving them money in the long run. If teens learn the basics of credit now, they will be much better off as they graduate to adulthood, according to the bank, which says financial literacy contributes to financial resilience and leads to better economic outcomes over the long term.
"Credit can be a great tool, but if you don't know how to use it, it can bury you in an avalanche of debt," a Zions Bank representative said, explaining why it's important that students learn the basics before they get their first credit card or loan.
The bank notes that debt doesn't start big — it builds over time — and that the credit choices teens make when they are young will impact their lives for years to come, such as when they apply for a car loan or even a mortgage.
Zions Bank says it believes this effort is important because financially educated consumers are more likely to save for the future and manage their money responsibly.
Zions Bank recommends several things adults can do to help teens find their financial footing:
- Look over your child's paystub and help them understand taxes and withholdings, and gross pay versus take-home pay.
- If your teen isn't currently employed, find ways for them to take part in family budgeting and financial decisions.
- Encourage your teen to open a bank account and set aside some savings each month.
- Model healthy financial behavior. Studies show that kids tend to mimic their parents' spending and savings habits.
The bank says it is focused on students and providing the guidance, products and services they need as they start their financial lives, whether they need a simple checking or savings account or options for building credit. Zions Bank encourages parents to visit their local branch and meet with a Zions Banker who can help support families with building a strong financial foundation.
For more information, visit Zionsbank.com.
