Resource Guide for Youth Employment Programs - Incorporating Financial Capability and Partnering with Financial Institutions

Oct 15, 2026

Resource Guide for Youth Employment Programs explains how youth employment providers can strengthen participants’ financial capability and improve employment outcomes by partnering with financial institutions. It focuses on programs funded under the Workforce Innovation and Opportunity Act (WIOA) and comparable locally funded initiatives, detailing the rationale, benefits, and implementation logic for combining financial education with safe access to mainstream products. It also discusses why early payday exposure creates a learning window and highlights data on youth unbanked rates.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages7

Reading Time18 min

AccessFree to download

Background

Financial capability and youth access to mainstream services

WIOA funding and its significance

WIOA youth eligibility and program support

Financial literacy as a required program element

Resource Guide for Youth Employment Programs: Incorporating Financial Capability and Partnering with Financial Institutions This resource guide is for youth employment programs that are interested in enhancing financial capability1 and building partnerships with financial institutions. It maps out how and why such partnerships can help young people2 achieve greater financial well-being and employment success. This document highlights youth employment programs funded under the Workforce Innovation and Opportunity Act (WIOA)3 and locally-funded programs that have formed strong and effective partnerships with financial institutions. It is being published as a companion to a resource guide for financial institutions on this same topic4 and is intended to help more programs build on these successful approaches. Background As 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 1 “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 wellbeing.” Executive Order 13646: see 78 FR 39159 (June 28, 2013) . 2 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. 3 Workforce Innovation and Opportunity Act. Public Law 113-128, July 22, 2014. choice about their new income.”5 Many young people participating in employment programs do not know how to access mainstream financial products and services. A study of youth participating in summer employment programs found that nearly half of them were unbanked atthe start of their program.6 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,7 and only one in five youth, ages 15 to 17, living at home have a bank account of their own. Access to a financial institution is a key starting point for building financial capability. It 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 4 Financial Literacy and Education Commission (FLEC), Resource Guide for Financial Institutions: Incorporating Financial Capability into Youth Employment Programs, November 2016. [https://www.treasury.gov/resource](https://www.treasury.gov/resource)center/financial education/SiteAssets/Pages/flec11032016/Resource%20Guide%20for%20Financial%20Institutions_FLEC%20D11%202 %2016.pdf. 5 President’s Advisory Council on Financial Capability for Young Americans Final Report: [https://www.treasury.gov/resource](https://www.treasury.gov/resource) center/financialeducation/Documents/PACFCYA%20Final% 20Report%20June%202015.pdf. 6 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). 7 2015 FDIC National Survey ofUnbanked and Underbanked Households (October 2016), available at: [https://www.fdic.gov/householdsurvey](https://www.fdic.gov/householdsurvey). Financial Literacy and Education Commission, January 2017 together, they result in even more effective financial capability outcomes for youth than if e

FAQs

Why do partnerships between youth employment programs and financial institutions matter?

They help youth providers better serve participants and help financial institutions advance both business and civic goals, while improving youth financial well-being and employment success.

What does WIOA require regarding financial literacy for youth programs?

Under WIOA, local recipients must offer or make available a financial literacy curriculum or training that supports budgeting, opening checking and savings accounts, learning about credit, and making informed financial decisions.

What problem does the guide identify about youth access to financial products?

Many youth in employment programs do not know how to access mainstream financial products and services, and research cited in the guide shows substantial unbanked rates among youth populations at the start of programs.

Oct 15, 2026

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