ACCAN Stakeholder Convening – Integrating Youth Financial Capability and Financial Services into Youth Employment Programs
This summer, the City of Oakland stands to lose over half a million dollars in government funding. The Alameda County Community Asset Network (ACCAN) Stakeholder Convening on March 24th began with this startling information.
Trish Johnson, the Executive Director of Game Theory Academy, alarmed the audience with her calculations of how many of the youth in summer workforce programs often turn to check cashing companies and corner liquor stores to cash their paychecks, having no bank accounts. These businesses charge a fee for their services which can add up to more than $500,000 in check cashing fees over just one summer. Since many youth workforce programs now run year-round, the amounts lost to check cashing just continue to build in Oakland and Alameda County.
The Convening, which was co-sponsored by the Federal Reserve Bank of San Francisco, was attended by providers of financial capability training, financial services (such as checking accounts or prepaid debit cards), and youth workforce services who came together to discuss ways to integrate financial training and services into youth workforce programs.
Several financial capability training programs and financial service providers described their programs and how providing youth with financial training and bank accounts will help workforce programs to protect their youth from check cashing fees while setting life-long patterns of financial stability
The Convening also drew on the expertise in the room to identify ideal financial products and training topics, and what advocacy needs to be done so that more youth workforce programs can bring financial training and banking products to their youth. Please refer to the Resource Packet for more detailed information on the Convening, including speaker bios and contact information, presentation slide decks, specific programs and financial products to serve youth, and a resource list of programs in the areas of financial capability training, financial products, and youth workforce.
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Resource Packet downloadable here: ACCAN Integrating Financial Capability Packet