(KMOV) -- St. Louis is planning its first ever Financial Empowerment Workshop because a large number of residents do not use a bank.
“We have so many people here that you would think everyone has a bank account,” said City Treasurer Tishaura Jones. “But they don’t.”
Jones says trust is the main reason that keeps people away from financial institutions.
The financial fair will be held on Saturday at Harris Stowe State University and will host banks and credit unions, along with federal and state agencies.
Practical skills like saving for college, getting credit counseling, and learning how to avoid identity theft will be available for participants, plus attendees will be able to start a new bank account.
“If they don’t have a bank account, they can get one on site that day,” Jones said. “If they have had a problem with the checking system, we can work that out with second chance checking.”
Jones said if families begin using banks and credit unions, they can save about $40,000 dollars in a lifetime.