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The guide highlights programs supported under the Workforce Innovation and Opportunity Act (WIOA), outlines the role of financial literacy curricula, and notes evidence of banking gaps among youth.",{"@graph":14,"@context":73},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/document/","Document",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/document/research-report/","Research & 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Incorporating Financial Capability into Youth Employment Programs  \nThis resource guide is for financial institutions interested in enhancing financial capability 1 through partnerships with youth employment programs. It maps out how and why financial institutions can help young people2 achieve greater financial well-being and employment success.  \nThis document highlights youth employment programs funded under the Workforce Innovation and Opportunity Act (WIOA) and locally-funded programs that have formed strong and effective partnerships with financial institutions. It is intended to help more financial institutions build on these successful approaches.  \nBackground  \nAs the President’s Advisory Council on Financial Capability for Young Americans concluded,“When young people receive their first paycheck, they are primed to learn more about money management and have a unique opportunity to make a timely and informed choice about their new income.”3 Many young people participating in employment programs do not know how to access mainstream financial products and services. A study of youth  \n1 “Financial capability is the capacity, based on knowledge, skills, and access, to manage financial resources prudently and effectively. Efforts to improve financial capability, which should be based on evidence of effectiveness, empower individuals to make informed choices, plan and set goals, avoid pitfalls, know where to seek help, and take other actions to better their present and long-term financial well-being.” Executive Order 13646: see  \n78 FR 39159 (June 28, 2013) .  \n2 Unless otherwise specified, in this document the terms “youth”and “young people” generally refer to individuals aged 14 to 24 participating in employment training programs.  \n3 President’s Advisory Council on Financial Capability for Young Americans Final Report:  \n[https://www.treasury.gov/resource](https://www.treasury.gov/resource)  \ncenter/financialeducation/Documents/PACFCYA%20Final%20Report%20June%202015.pdf.  \nparticipating in summer employment programs found that nearly half of them were unbanked atthe start of their program.4 The Federal Deposit Insurance Corporation (FDIC) has found that households headed by individuals age 15 to 24 are almost twice as likely to be unbanked than the national average, 5 and only one in five youth ages 15 to 17 living in a home with a bank account has a bank account of their own.6 Access to a financial institution is a key starting point for building financial capability.  \nIt is critical to provide young people in employment programs with the appropriate resources to encourage financial capability. Youth employment programs can support this mission by incorporating financial education and access to safe and appropriate financial products. When these components are presented together, they result in even more effective financial capability outcomes for youth than if either component is presented alone. Efforts have proven to be most effective when both the education and access are customized to participants’ needs. In order to create these successful programs, a partnership with a financial institution is essential.  \n4 Cities for Financial Empowerment Fund, Summer Jobs Connect: More Than A Job, at 18 (February 2015), available at: [http://cfefund.org/info/our-projects\\#summer-jobs-connect](http://cfefund.org/info/our-projects#summer-jobs-connect).  \n5 2015 FDIC National Survey ofUnbanked and Underbanked Households (October 2016), available at:  \n[https://www.fdic.gov/householdsurvey](https://www.fdic.gov/householdsurvey).  \n6 FDIC Youth Savings Pilot Symposium (October 21, 2016)  \nFinancial Literacy and Education Commission, January 2017  \nWhat is WIOA funding and why is this significant in expanding youth financial capability?  \nWIOA7 was enacted in July 2014 to provide funding, resources, services, training, leadership, and support for workforce development and related programs ","cbCaiazmTkyaFd8F","https://ap.wps.com/l/cbCaiazmTkyaFd8F","pdf",248675,"English","# Background\n## Financial Literacy and Education Commission, January 2017\n## What is WIOA funding and why is this significant in expanding youth financial capability?","[{\"question\":\"Why do partnerships between financial institutions and youth employment programs matter?\",\"answer\":\"Partnerships combine financial education with access to safe and appropriate financial products, producing more effective financial capability outcomes than either component alone.\"},{\"question\":\"What does the guide say about WIOA funding and youth financial capability?\",\"answer\":\"WIOA funding supports youth employment programs and requires local recipients to offer or make available a financial literacy curriculum or training to youth participants.\"},{\"question\":\"What eligibility groups does WIOA support for youth employment programs?\",\"answer\":\"WIOA supports in-school youth ages 14 to 21 and out-of-school youth ages 16 to 24 who meet additional eligibility requirements.\"}]","Resource Guide for Financial Institutions - Incorporating Financial Capability into Youth Employment Programs | PDF",1792061987,15]