Promoting Financial Literacy at Your YouthBuild Program

Key elements to consider when planning for Financial Literacy training include, but are not limited to, the following:

• How does financial literacy connect to YouthBuild payments to participants?
  • Are payments via check? Direct deposit?
  • Does the program incentive savings in some way?
  • Are participants paid stipends, wages or both? How does that impact payments (i.e. taxes, FICA, UI, etc.)?
    
• What curriculum to use?
  • Many online curricula are available to use for free (FDIC’s Money Smart is one)
  • Does the curriculum need to be adapted for use in a YouthBuild program?
  • Do teachers need special training to deliver the content?
    
• Who will teach the classes?
  • In-house?
  • Partners (such as a local credit union)?
  • A combination?
    
• Instructional strategies – a variety of instructional strategies should be used to fully engage the learners and to maximize the effectiveness, such as:
  
  • Project-based learning
  • Relevant and real-life applications
  • Guided practice
    
• Skills to identify and understand:
  • Types of financial institutions
  • Budgets and money management
  • Earning a paycheck - withholding
  • Paying bills and paying on time
  • Types of accounts – savings, checking, no fees, interest bearing
  • Credit, credit care, and credit scores
  • Debit cards
  • Online banking, locations of banks
  • Taxes
  • Loans

Local banks and credit unions are typically very willing to partner with YouthBuild programs to support first bank accounts for participants, give presentations, teach classes, and provide tours of their facilities. These professionals can also explain to the youth the variety of services that they offer and how to best access these services.

Financial Literacy Resources

• Building Financial Capability with Opportunity Youth – YouthBuild Global published two resources on building financial capability with opportunity youth. The voices, leadership, and lived experiences of YouthBuild program staff members, students, recent graduates, and alumni provided the insights and considerations for practice offered within. Both documents also include tools to help programs and partners evaluate, design, and implement financial capability resources, practices, and curricula.
• Post-incarceration Financial Education Tools and Resources – This guide developed by Coffey Consulting, LLC for Reentry Employment Opportunities provides facilitators and trainers with tools and resources to complement or fill gaps in grantees’ financial education curriculum or one-on-one instruction with their participants.
• High School Financial Planning Program (HSFPP) – This curriculum, created by the National Endowment for Financial Education (NEFE), offers a full suite of free instructional resources to teach high school aged youth in a classroom or workshop setting.
• America Saves for Young Workers (ASYW) – utilizes direct deposit to help youth save a portion of their pay into a separate account. Youth can complete the simple, all electronic, 10 minute America Saves program near the start of their employment program. The program includes a video that tells them exactly how to save, and encourages them to choose a savings goal and pledge to save a certain amount each month. 
• Money Smart – The FDIC's Money Smart financial education program can help people of all ages enhance their financial skills and create positive banking relationships..
• Financial Literacy for All – a non-profit organization that focuses on providing financial literacy training to students and young adults.
• Banzai – free financial literacy online for students of all ages.

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• Posted by: YouthBuild TA
• Posted in: YouthBuild