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Increasing financial capability among economically vulnerable youth: MY Path

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  • Vernon Loke
  • Margaret Libby
  • Laura Choi
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    Abstract

    The Make Your Path (MY Path) initiative provides disadvantaged youth with peer-led financial capability trainings, a savings account at a mainstream financial institution and incentives to set and meet savings goals. The program focuses on youth earning their first paycheck—a critical “teachable moment” to promote savings and connect youth with mainstream financial products. In 2011-12, Mission SF Community Financial Center (Mission SF) tested MY Path by delivering its suite of services to ten agencies participating in San Francisco’s largest youth employment program, the Mayor’s Youth Employment and Education Program (MYEEP). Participants saved an average of $507 over a six-month period and youth demonstrated increases in financial knowledge, reports of positive financial behaviors, and confidence about making financial decisions and doing business with a mainstream financial institution.

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    Bibliographic Info

    Paper provided by Federal Reserve Bank of San Francisco in its series Community Development Investment Center Working Paper with number 2013-03.

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    Date of creation: 2013
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    Handle: RePEc:fip:fedfcw:2013-03

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    Keywords: Financial literacy - United States ; Youth - Employment;

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