United Way Of San Diego County Funds Financial Literacy Programs For Disadvantaged Youth

July 15, 2009 - PRLog -- How do you handle the basics of money management when you don’t speak the language? How do you apply for a job without a home address? Money issues are challenging at any age, let alone as a teenager who’s homeless or a newcomer to this country. To respond to this marginalized population, United Way has announced nearly $650,000 in funding to support financial education for formerly homeless, refugee, and economically disadvantaged youth, ages 13-24, and those leaving foster care.

$162,000 of the funding is designated for IDA/Matched Funding accounts, which will help these youth save toward important assets, such as a car, college tuition, or a deposit on their first apartment.

The funding will be invested in nine organizations, including Alliance for African Assistance, Consumer Credit Counseling, Home Start, Just in Time for Foster Youth, MAAC, North County Lifeline, San Diego Advocates for Youth (SAY), San Diego Housing Commission, and San Diego Youth & Community Services.

“These marginalized youth, many of whom are entering the workforce for the first time, may not understand the mechanics of American banking,” said Shaina Gross, United Way’s Community Impact Manager, “or they’re easily influenced by popular culture’s emphasis on material goods, which drains their resources.”

All the funded agencies will implement programs that cover the four core standards: budgeting, credit and debt, check and savings, and taxes and the Earned Income Tax Credit. Highlights of a few agency programs include:

Just in Time for Foster Youth – In addition to other incentives, such as matched savings accounts, the program’s “Opportunity Passport” offers “door openers,” including preapproved community college registration, tuition waivers, student loans, expedited access to job training, and mentor connections if participants prove they have met the required goals.

MAAC Project – With the highest school drop out rate (over 60%), many Latinos have limited economic opportunities and represent the region’s lowest wage earners. The MAAC project will offer financial education afterschool programs at charter schools in the South Bay and at affordable housing developments in City Heights, Barrio Logan, and other low-income communities.

SAY San Diego (Social Advocates for Youth) – The Central San Diego population SAY serves includes Asian/Pacific Islander residents who come from cultures where money was limited and financial literacy underappreciated. Their children’s assimilation has resulted in material purchases such as cell phones and name-brand clothing, not savings accounts. The program addresses the entire family, targeting both adults and teens.

“We would love to see these young people increase their knowledge about savings and understand the value of bank accounts,” said United Way President and CEO Doug Sawyer. “We believe these programs will help them develop skills to buy a car or go to college or rent an apartment. These are tools that will help them succeed now and for the rest of their lives.”

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United Way of San Diego County is a nonprofit organization that improves lives and creates lasting change by raising money and mobilizing the community to solve education, income and health issues. To learn more or to donate, please visit www.uwsd.org