Often times young people who are coming into their own in the world have been able to rely on their own past experiences, or the experiences of other, when it comes to navigating the financial world.
But, what about those who may come from a disadvantaged background? A recent announcement of funding from the nonprofit United Way of San Diego County (UWSDC) aims to make sure youths who may have been ignored in the past won’t be ignorant about dealing with the future.
The UWSDC will give almost $650,000 to help fund programs that educate marginalized youths about different facets of the financial world. The programs are aimed at people who are 13 to 24 years old and may come from homeless, refugee, disadvantaged or foster backgrounds.
"These marginalized youth, many of whom are entering the workforce for the first time, may not understand the mechanics of American banking, or they’re easily influenced by popular culture’s emphasis on material goods, which drains their resources," Shaina Gross, United Way’s community impact manager, said.
Some of the funding – $162,000 – will go toward matched individual development accounts, which will help youths save toward a number of goals, including paying for college tuition or putting down a deposit on an apartment.
Agencies that are supported by the funding from the UWSDC will cover a number of "core" topics, which include budgeting, taxes, credit and debit, and the Earned Income Tax Credit.
Agencies funded by the donation from the UWSDC include: 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.