The Nation’s First Tested Youth Savings Model
Working closely with youth, MyPath pioneered groundbreaking advancements in the financial capability field with the development of MyPath Savings, the nation’s first tested youth savings model. Unlike traditional financial literacy models which only focus on gaining financial knowledge, MyPath’s Savings was the first model to pair youth-centered financial education with quality and safe financial products so young people can gain the knowledge, skills and access to manage their financial resources effectively as they are earning income.
By reaching youth at this critical “teachable moment” in their lives, our innovative model yields impactful financial capability results while promoting wealth-building and long-term financial stability for young people:
average amount saved from each paycheck
intend to save after the program
report an increase in financial knowledge & confidence
SHAPING THE FUTURE OF YOUTH FINCAP
National initiatives like the City for Financial Empowerment Fund’s Summer Jobs Connect and the Consumer Financial Protection Bureau’s Youth Employment Success were launched in the wake of the MyPath Savings’ demonstration, leveraging its best practices and youth banking standards.
Though initially developed for use within youth employment and workforce programs, MyPath Savings can be seamlessly integrated into any program where youth are earning income, such as Guaranteed Income programs.
banking partners who have used mypath savings
Since 2015, MyPath Savings has been adopted by over 100 organizations serving 35,800 youth.
Why Choose MyPath Savings?
Our curricula have been designed in collaboration with youth and young adults to be relevant and responsive to their unique needs. The MyPath Savings curricula includes information about personal finance best practices, financial products, financial goal setting, personal expense tracking, budgeting, and savings.
Youth are supported to open checking and savings accounts and set-up direct deposit and auto-split deposit at mainstream banks and credit unions that offer accounts that align with MyPath’s National Youth Banking Standards.
Our model emphasizes an experiential approach to learning that supports youth to engage around their own money and spending on our tech platform, and to engage in activities and discussions led by trusted adults and supported by peers within their program settings.
MyPath Savings’ design incorporates key behavioral economic principles to minimize barriers and incentivize savings.
MyPath Savings has been adopted by 100+ organizations across the country and has been used by more than 35,800 youth since our national expansion in 2015. The model’s efficacy has been tested by leading researchers and its impact has been published and highlighted by numerous field leaders, including the Consumer Financial Protection Bureau and the Federal Reserve Bank of San Francisco.
-Dr. Jerome Patterson, YouthBuild Newark Staff