My Path (formerly Mission SF Community Financial Center) continually measures, monitors, and improves our programs to ensure that they are the most impactful they can be. For program-specific outcomes, please visit MyPath Savings, MyPath Credit and MyPath Advocates. A few major outcomes are highlighted below:
- Through MyPath Credit, our participants with limited financial history have achieved credit scores between 650 and 700 after only six months.
- Through MyPath Savings, a remarkable 85% of participants met their savings goals. To date, more than 1,000 youth have saved over $700,000.
- Through MyPath Advocates, our youth helped pass two local ordinances against payday lending, blunting the impact of financially onerous practices.
- Increasing Youth Financial Capability: An Evaluation of the MyPath Savings (the Journal of Consumer Affair’s special issue on Starting Early for Financial Success)
We co-authored this paper together with our outside evaluators from Eastern Washington University, the Federal Reserve Bank of San Francisco and the Center for Social Development. The article focuses on the results of our MyPath Savings model, highlighting new data analysis– in addition to statistically significant changes in financial behaviors, MyPath improves youth self-efficacy, future outlook and confidence.
The success of our MyPath Savings program was showcased in a paper published by the Federal Reserve Bank of San Francisco’s Center for Community Development Investments. The December 2013 Working Paper Increasing Financial Capability among Economically Vulnerable Youth: MyPath garnered attention from President Obama’s Advisory Council on Financial Capability.
MyPath Credit’s innovation and promise were highlighted in a national paper published by Credit Builders Alliance and Asset Funders Network in 2014. The Power of Credit-Building showcases the importance of both building and rebuilding credit with low-income populations. MyPath Credit was featured as the only such program serving youth in the United States.
MyPath Savings was featured in a national paper highlighting best practices in integrating financial capability into youth workforce settings. The paper summarized the outcomes of a national convening held in Washington DC in late 2012 sponsored by the CFPB and Department of Treasury.