Working Paper

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


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.

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Bibliographic Information

Provider: Federal Reserve Bank of San Francisco

Part of Series: Community Development Working Paper

Publication Date: 2016-05-09

Number: 2016-3