On-campus bank provides DA students with much needed financial literacy

De Anza College students like to think they are responsible budgeters, restrained spenders, and eager to improve their personal financial situations. But, let’s face it, this isn’t always the case.

Whether you’re a part-time student working eight hour days when you aren’t at school – like me, or a full-time student reliant on financial aid and parental assistance to fund your academic journey, we’ve all been strapped for cash.

Unfortunately, personal financial literacy is a topic of discussion that is not often discussed in an academic setting.

According to the U.S. Department of the Treasury’s Financial Literacy and Education Commission’s 2016 National Strategy for Financial Literacy, less than a third of American adults (aged 18-45) had received financial education at a school, college, or workplace.

Along with college-bound students being ill-equipped to manage their personal finances in the very place where they may embark on a lifetime financial journey of interest and loan repayments, few students utilize an already shy number of resources.

Only one in five said they utilized informative resources.

Despite this, De Anza made a decisive attempt to improve the quality of life for its students and their families. In 2015, De Anza became the first California community college to open a US Bank branch on campus.

For the past two years, US Bank has served its De Anza community through involvement in campus events, hosting workshops, and – with only three bankers on site during business hours – offering students a personal and educational banking experience.

Employees from US Bank tabled at this past week’s “Club Fair.” Along with giving away prizes, bankers awarded students with banking trivia, practical budgeting advice, and insightful commentary on the issue of financial illiteracy.

Alvin, one of the on-campus US bankers, spoke to the many facets of financial literacy. He expressed his concern for what he sees as a “lack of interactive dialogues between students, colleges, and financial intermediaries” and the consequences of not establishing one early on.

A big part of the equation Alvin said was “financial confidence” and understanding how our emotions and other psychological factors can negatively influence our financial decision making.

Students who grow up in families mired with financial misfortune are less likely to actively seek information on financial wellness purely because it may reaffirm any negative perceptions they may already have about their financial situation.

Although these statistics may paint a grim picture, the mere presence of an on-campus bank indicates a widening awareness of the importance of financial literacy education.

Whether attending a US Bank hosted, professor lead “Financial Wellness” workshop, taking advantage of a free 15 minute consultation, or simply opening an account with US Bank, De Anza certainly has the resources to empower students with financial knowledge for their futures.

Financial responsibility starts with informing yourself on and monitoring the fundamentals, establishing healthy habits, and eventually maturing to a point of financial exploration.