The Jim Casey Youth Opportunity Initiatives launched a program in 2002 called Opportunity Passport to help kids aging out of foster care develop money management skills by learning about the importance of saving. The program focuses on youth between the ages of 14-25. After initial training, the program provides youth with a bank account with an initial balance of $100.00. Each dollar saved for approved assets which include expenses toward education, housing, healthcare, etc. is matched dollar for dollar up to $1000.00 each year. Since the start of Opportunity Passport, the program has helped about 5,000 kids save upto $6 million for school, housing, cars, etc.
In a newly released report titled Enduring Assets: Findings from a Study on the Financial Lives of Young People Transitioning from Foster Care, findings show positive results for this program. The report found that these types of programs increase the likelihood that kids will be financially stable in the long-run.
For the press release and access to the full report, visit http://www.jimcaseyyouth.org/sites/default/files/Enduring%20Assets%20News%20Release.pdf