buying-your-teenager-a-car

Research is showing that financial skills are closely linked to many of the outcome areas that we are trying to improve – employment, education, housing, transportation, and health. Yet while in foster care, most young people have little opportunity to learn and practice financial skills. To address this gap, we have developed a financial literacy and matched savings program to allow our youth to get real world experience with money management and asset building.

The core components of our program are below:

Financial Education: Participants in the program will have the opportunity to attend regularly scheduled financial literacy classes that focus on both knowledge and practice. We utilize a research-based and proven curriculum designed specifically for foster youth and their unique needs. Curriculum: Keys to Your Financial Future

Matched Savings Account: In addition to helping participants set up banking accounts, they will also be able to open an Individual Development Account (IDA). The IDA is a matched savings account that helps our youth with purchasing productive assets and other critical financial needs.

Additional details on the program are below:

  • Participant’s savings must be from earned income or other approved source
  • Approved purchases are matched dollar for dollar.
  • Lifetime maximum match = $3,000
  • Approved assets include the following: transportation (driver’s education, car purchase, registration, insurance), education, housing (rent and/or deposit), employment, credit building or repair.
  • Must participate in and meet expectations of our MyPath program.

We estimate that we will need to raise approximately $35,000 in 2019 to cover the required savings matches. Your donation can help us cover these costs:  Donate

For youth interested in participating in this program:  Participate

For more in-depth research on the best practice program from Jim Casey Youth Opportunities Initiative:  Jim Casey Research