Expert Topic: Youth Savings Initiatives

Across the country, a number of local governments are increasing the availability of youth savings opportunities for families, with the goal of improving the likelihood that students of limited means enroll and persist in higher education. This brief details why city leaders are investing in youth savings initiatives, provides details on how these programs operate, and highlights how cities have gotten started doing this critical work.

CFE Coalition City Expert Topics: Youth Savings Initiatives

Across the country, a number of local governments are increasing the availability of youth savings opportunities for families, with the goal of improving the likelihood that students of limited means enroll and persist in higher education. This brief details why city leaders are investing in youth savings initiatives, provides details on how these programs operate, and highlights how cities have gotten started doing this critical work.

Expert Topic: Offices of Financial Empowerment

Across the country, many local leaders have launched Offices of Financial Empowerment (OFEs) or similar municipal offices that serve as a home for financial empowerment programming efforts. Check out these resources to learn from CFE Coalition city experts about why city leaders invest in OFEs; what OFEs do; and pathways to launching OFEs.

Summer Jobs Connect

Summer Jobs Connect is an ambitious initiative spearheaded by the Citi Foundation and the CFE Fund to support young adults seeking summer employment, enhancing these municipally-led programs by integrating structural linkages to safe and appropriate banking products, services, and education. In the initiative’s seventh year, the CFE Fund worked  with 23 city governments and their local Summer Youth Employment Program partners to provide additional job positions to local residents of predominantly low incomes between the ages of 14 and 24, as well as connect them to appropriate bank and credit union products and meaningful financial education. 

Through the CFE Fund’s leadership, our city partner’s efforts and the Citi Foundation’s support of over $36 million, Summer Jobs Connect has provided over 15,000 young people with summer work experience and connected financial empowerment services. Beyond a seasonal paycheck, Summer Jobs Connect positions early job experiences as entry points for lifelong success in the financial mainstream.

 

Bank On

Bank On coalitions are locally-led partnerships between local public officials; city, state, and federal government agencies; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. These first-generation banking access programs have already connected tens of thousands of people to safe and affordable account; Bank On programs also work to raise public awareness, target outreach to the unbanked, and expand access to financial education.

The CFE Fund’s Bank On national initiative builds on this grassroots movement, supporting local coalitions with strategic and financial support, as well as by liaising nationally with banking, regulatory, and nonprofit organization partners to expand banking access, including through the first-ever Bank On National Account Standards, updated for 2019-2020. The CFE Fund also announced an online Bank On account validation and certification process; banks and credit unions across the country, at no cost, now can submit for validation products they believe meet the national Standards. The list of financial institutions offering such products continues to expand across the country.

The CFE Fund hosted the 2019 Bank On National Conference in Washington, D.C.