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Boosting the power of youth paychecks: integrating financial capability into youth employment programs

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  • Laura Choi
  • Lauren Larin
  • Margaret Libby
  • Vernon Loke

Abstract

This paper summarizes the results of the first-ever quasi-experimental design study of a youth financial capability initiative seamlessly integrated into a youth workforce development program. MyPath Savings supports low-income working youth to bank, save, and build their financial confidence through a comprehensive model that includes financial education, goal-setting, and non-custodial accounts. MyPath provided technical assistance and training to prepare nonprofits to implement MyPath Savings, as well as to the financial institution partner, Self-Help Federal Credit Union, to ensure the accounts youth received were aligned with MyPath?s Youth Banking Standards. The study included 375 low-income young people ages 16-21 years old participating in youth workforce and employment programs operated by ten nonprofits in partnership with San Francisco?s Department of Children, Youth and their Families.

Suggested Citation

  • Laura Choi & Lauren Larin & Margaret Libby & Vernon Loke, 2016. "Boosting the power of youth paychecks: integrating financial capability into youth employment programs," Community Development Working Paper 2016-3, Federal Reserve Bank of San Francisco.
    • Handle: RePEc:fip:fedfcw:2016-03
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    References listed on IDEAS

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    1. Michael Sherraden & Mark Schreiner & Sondra Beverly, 2003. "Income, Institutions, and Saving Performance in Individual Development Accounts," Economic Development Quarterly, , vol. 17(1), pages 95-112, February.
    2. Vernon Loke & Laura Choi & Margaret Libby, 2015. "Increasing Youth Financial Capability: An Evaluation of the MyPath Savings Initiative," Journal of Consumer Affairs, Wiley Blackwell, vol. 49(1), pages 97-126, March.
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    Cited by:

    1. Julie Birkenmaier & Brandy Maynard & Youngmi Kim, 2022. "Interventions designed to improve financial capability: A systematic review," Campbell Systematic Reviews, John Wiley & Sons, vol. 18(1), March.

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