Youth Financial Education Series
This installment of MSR’s Youth Financial Education Series, sponsored by JPMorgan Chase, follows Hannah D. Williams as she describes learning to use bank accounts strategically after getting her first job at 15. With guidance from Game Time Budgeting founder Al Riddick, Williams developed habits around high-yield savings, credit card caution and fraud protection. The piece argues greater financial literacy within the Black community can help families build wealth over time.
JPMorganChaseoffers a comprehensive suite of youth financial education initiatives, providing resources ranging from bite-sized budgeting modules to multi-year mentorship programs. Their primary offerings span digital tools, community-based workshops, and philanthropic career pathways.
The Youth Financial Education Series continues this month with a look at banking basics: how young people can move beyond thinking of a bank as just a place to store cash, and start using accounts strategically to build savings and long-term security.
The First Paycheck Pivot
For many young people, a first paycheck is the moment banking stops being abstract. That was true for Hannah D. Williams.
Before she learned more about banking, she thought of it simply as a place to keep money. Growing up, she mainly carried cash and paid for things that way. When she received money as a gift, it usually came as cash or a check that her parents would cash and hand over a few days later.
Building a High-Yield Savings Habit
That changed at 15, when Williams got her first job and was required to have a bank account for direct deposit. Having her own account for the first time gave her a closer view of her own money, and with that came a realization about her own spending habits.
“I realized that if I could easily see all of my money in my checking account, I would be more likely to spend it,” she said.
In response, she developed the habit of moving a large portion of her paycheck into a high-yield savings account, a type of account that pays a significantly higher interest rate than a standard savings account, letting money grow faster simply by sitting untouched.
She said the habit has helped her save consistently and think about long-term financial goals rather than spending everything she earns.
Generational Wealth as a Family Project
Williams credits her work with Game Time Budgeting and its founder, whom she calls Mr. Al, with helping her understand how to make her money work for her instead of simply sitting in an account.
Keeping funds in a high-yield savings account lets her earn interest while doing very little, she said. Mr. Al has also taught her, her parents and her younger sister about investing and building wealth over time, and the family now looks for opportunities to invest together, treating it as a shared, ongoing project rather than something only adults handle.
Smart Spending and Security in a Tap-to-Pay World
Today, Williams keeps the majority of her money in a high-yield savings account so it can keep earning interest while she saves for future goals, and intentionally keeps a smaller amount in checking. She said that’s for two reasons: it limits how much she can spend on impulse, and it adds a layer of security.
With tap-to-pay accepted almost everywhere, she said a stolen card could be used quickly before she noticed, so keeping most of her money in savings reduces how much she could lose in that scenario. She also keeps notifications turned on for every card transaction, including tap-to-pay, so she knows immediately if something looks wrong.
Credit Isn’t Free Cash: Why Management Comes First
On credit cards, Williams is direct: eligibility alone isn’t a good enough reason to get one. Many young adults are still learning how to manage and save their own money responsibly, she said, and if someone struggles with that, repaying borrowed money on time can be even harder.
She said learning strong budgeting and saving habits first reduces the need to rely on credit in the first place. Used responsibly, she said, a credit card can be a valuable financial tool, but it should come after good money management habits are already in place, not before.
Why Early Financial Literacy Matters for Black Families
Williams said greater financial literacy within the Black community could have a tremendous impact. People often assume others are simply “richer,” she said, when in reality they may just be saving, investing and planning differently with the money they have.
Building those habits early, she said, creates more opportunities for families to build wealth, travel, invest, own businesses and reach long-term financial security. It also helps people understand that wealth building takes patience and time, and doesn’t happen overnight, and that the earlier those habits form, the more time they have to compound.
Williams closed with two sayings her mother used to repeat, ones she said have stuck with her well beyond banking: “The 7 Ps: Proper planning prevents poor performance,” and “Sometimes it is not a no; it is a not right now.”
The Youth Financial Education Series is supported by JPMorgan Chase. For more information or to learn about partnership opportunities, visit spokesman-recorder.com or contact admin@spokesman-recorder.com.
Based on reporting by Minnesota Spokesman-Recorder.
The post What Banking Actually Means for Young People appeared first on BlackPressUSA.
