Bank teaches seniors how to manage finances | ParkRecord.com

Bank teaches seniors how to manage finances

Alexandria Gonzalez , The Park Record

As graduation nears, Wells Fargo Bank is making sure it does its part to properly prepare soon-to-be college freshmen for the monetary issues they will encounter once they are out on their own.

This week, a table is set up at the Wells Fargo Bank on Kearns Boulevard with documents detailing how new college students and their parents should prepare financially. Student Financial Literacy Week aims to answer their questions about things as simple as direct deposit to more difficult processes like applying for student loans.

Matthew Tripp, branch manager, said pamphlets and brochures are available at the table, and bankers are more than happy to sit down with students and their parents to answer any other questions they may have.

"We’re meeting with students, teachers and parents and breaking down what is needed for college regarding finances," he said. "It’s about making sure they’re financially stable, whether it’s applying for financial aid through FAFSA or applying for loans from Wells Fargo or whoever else it might be."

They will host a Student Financial Literacy Night in the auditorium at Park City High School on Tuesday, April 29, from 6:30 p.m. until 7:30 p.m. Tripp and two other employees will cover the topics of credit, savings and managing finances.

Tripp said 18 is the best age to start establishing and building credit, and doing so while balancing a budget is the best thing a student can do.

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"The ‘starving student’ is real, so I try to focus on making sure these students are financially literate when it comes to managing finances and budgeting, making sure they have the proper savings accounts for the things they want both short-term and long-term," he said. "We want to make sure that the time between graduation and college is seamless and a turn-key type of experience for them."

Students and parents interested in learning about college finances can either walk into the Wells Fargo Bank on Kearns Boulevard, pick up pamphlets and talk to bankers or attend the financial literacy night at PCHS next Tuesday. Either way, Tripp said he wants to make sure students are prepared.

"This is when you leave the nest and start your own path, so ensuring you know how to do that and be financially stable is important," he said. "The last thing you want is to be up to your ears in debt at 19 years old. Understanding how to budget is extremely important."

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