Building Financial Capability for Youth Transitioning From Foster Care.
Jim Casey Youth Opportunities Initiative.
This brief highlights efforts by the Jim Casey Initiative to provide foster adolescents and young adults real world experience with finances and asset building. It explains the Opportunity Passport begins with financial education classes and provides young people, ages 14 through 25, with a small stipend for their participation. Young people are supported to open a bank account and set savings goals and savings can be matched on a 1:1 basis for purchases that will help young people go to school, get a job, start a business, buy a car, or secure housing, among other things. Adult supporters help young people purchase assets that make sense for them given their goals. The brief summarizes the most recent data from the Opportunity Passport Participant Survey and shares lessons learned. It also highlights some next steps the Jim Casey Initiative is taking, guided by the insights and experiences of Opportunity Passport participants, to develop a more robust set of financial capability interventions. Finally, considerations for policy makers who are interested in strengthening financial capability efforts on behalf of all youth transitioning from foster care are discussed. 11 references.
foster adolescents; young adults; aging out; independent living skills; economic self sufficiency; educational programs