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 $36,000 in 2020 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