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ICBA and the nation’s community banks provide tips and advice for young adults on practical financial advice they should know
Since the majority of college students have headed back to campus for the fall semester, the Independent Community Bankers of America® (ICBA) and the nation’s more than 6,500 community banks encourage young adults to prepare financially by following practical financial advice.
“Young adults are busy establishing themselves in the real world with their first jobs or at college, but it’s important that they also work toward preparing themselves by learning how to incorporate practical financial advice into their daily routines,” said John Buhrmaster, president and CEO of 1st National Bank in Scotia, N.Y. “Credit plays a huge role in helping adults achieve personal and professional goals, so it’s important that young adults establish credit and use it wisely.”
Pinnacle Bank and the ICBA suggest the following financial tips and advice for young adults:
“It is fundamental that adults establish and maintain good credit. Community bankers are excellent resources, and so is Visa’s Practical Money Skills. Practical Money Skills is geared toward various age groups as a free resource to provide credit, savings and other financial advice,” said Linda Echard, president and CEO of ICBA Bancard. “In addition to paying more than the minimum on every credit card balance you may have, try to pay the most on the account balance with the highest interest rate.”
Pinnacle Bank and other community banks nationwide are on hand to help young adults learn more about credit cards and how to properly manage their credit, create savings accounts and learn more on how to become more financially literate.
ICBA has also released several consumer-related press releases this month to provide financial literacy tools for parents and elementary to college-aged students.