Partners for Youth Opportunity Case Study Shows Promise for Saving
Partners for Youth Opportunity, a 1:1 Fund partner organization in Durham, NC, released Building Financial Capability on the Road to Post-Secondary Success: A Case Study of PYO and LCCU’s Innovative Youth Employment Program. PYO is unique as a CSA program in that it works with middle and high school students and connects them with employment and internship opportunities. PYO also targets disadvantaged communities—first-generation immigrants, children who have parents who were incarcerated and kids who qualify for free and reduced lunch.
The case study showcases the positive outcomes of the Saving for the Future Program (SFP), an innovative partnership with the Latino Community Credit Union, which integrates financial education and a noncustodial matched savings account. When students save $325, they receive a $175 savings match from the Latino Community Credit Union and are eligible to open a higher interest, 1-year CD. The case study revealed that almost 85% of the SFP savers reached the $325 goal and that, in total, the 43 SFP participants have saved almost $40,000, or an average of $916 per student. Most of the participants have kept their accounts open after completing the program and maintained their relationship in the financial mainstream, avoiding the predatory services of the informal sector. Read the full case study here.