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Prize Linked Accounts for Youth (PLAY): a new approach to youth financial education and saving

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  • Laura Choi

Abstract

Mission SF Community Financial Center, a nonprofit affiliate of the Mission SF Federal Credit Union in San Francisco, CA, has developed an innovative approach to teaching youth financial education and encouraging youth to save by awarding a prize linked to their savings behavior. This article looks at the experiences of youth in the first year of the pilot program, and summarizes the pilot’s successes and challenges in providing financial education to youth and encouraging them to reach their savings goals. Although the first year pilot was small, the initial results are encouraging. Youth who participated in the program saved an average of $78 over three months, and also demonstrated increases in their financial knowledge and in positive financial behaviors.

Suggested Citation

  • Laura Choi, 2011. "Prize Linked Accounts for Youth (PLAY): a new approach to youth financial education and saving," Community Investments, Federal Reserve Bank of San Francisco, issue Spr, pages 2-8.
  • Handle: RePEc:fip:fedfci:y:2011:i:spr:p:2-8:n:v.23no.1
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    Keywords

    Financial literacy;

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