SUMMERYOUTHCAMPAIGN2011 GRANTS

THE UNITED STATES CONFERENCE OF MAYORSCOUNCIL ON METRO ECONOMIES AND THE NEW AMERICAN CITY

MAYORSFOR FINANCIAL LITERACY

OVERVIEW INTRODUCTION

THE UNITED STATES CONFERENCE OF MAYORS

1620 I Street NWWashington, D.C. 20006

202.293.7330202.293.2353 fax

www.usmayors.org

Antonio VillaraigosaMayor of Los AngelesPresident

Michael A. NutterMayor of PhiladelphiaFirst Vice President

Scott SmithMayor of MesaSecond Vice President

Tom CochranCEO and Executive Director

bedollarwise.org

dollarwise@usmayors.org

202.861.6737

DollarWI$E - Mayors for Financial Literacy is The United States Conference of Mayors and its Council on Metro Economies and the New American City’s finan-cial literacy education effort. Since its inception in 2004, mayors and cities in the U.S. have made a commitment to increasing their citizens’ financial literacy by partici-pating in all that DollarWI$E has to offer. Underwritten by Bank of America, founding spon-sor of DollarWI$E, hundreds of thousands of dollars have been awarded in Innovation and Summer Youth Cam-paign (SYC) grants, helping cities set up programs and events for their residents. DollarWI$E also sponsors Financial Planning Days, which is a collaboration among The U.S. Conference of Mayors, the Foundation for Financial Planning, the Financial Planning Asso-ciation, and the Certified Financial Planner Board of Standards. For summer 2011, DollarWI$E SYC, awarded five grants of $4,000.00 each, to support efforts to help youth become more financially literate through participation in local Sum-mer Youth Employment Pro-grams. SYEPs were encour-aged—but not required—to seek local matching funds.

In summer 2009, DollarWI$E launched the Summer Youth Campaign (SYC), with the goal of encouraging mayors across the country to incorporate financial education into their cities’ Summer Youth Employment Programs (SYEPs).

A summer youth job can be a watershed moment in a youth’s life when he/she learns the responsibility of work and the excitement of earning money. Being hired for a job and receiving a paycheck is a teachable moment that can shape attitudes and habits that last a lifetime.

The DollarWI$E Summer Youth Campaign is all about seizing the teachable moment of a young person’s first paycheck. The idea is to use this window of opportunity to instill in our youth conscientious habits and attitudes toward money and equip them with financial management skills.

Specifically, the DollarWI$E SYC is looking to fund efforts that:• Provide incentives that encourage summer youth

to participate in and complete a financial education curriculum;

• Encourage youth to open checking and/or savings accounts;

• Motivate youth to reach summer savings goals; and• Develop and implement evaluation techniques for

SYEPs’ financial education component.

SYEPs selected to receive a grant show:• Innovation in efforts to incorporate financial education

into the SYEP.• Engagement and involvement of community resources.• A high level of commitment to incorporating financial

education into the SYEP, including (if applicable) among private-sector firms that hire youth through the city’s program.

Phoenix 6

Columbus 4

Baltimore 3

Fresno 5

Seattle 7

YouthWorksBaltimore City’s YouthWorks summer jobs program matches young people between the ages of 14 and 21 to six-week work experiences with private sector, nonprofit, and city and state government employers. The YouthWorks slogan, “Summer Jobs Launch Careers,” describes the lasting effect that a productive summer job can have on a young person. Thanks to a $4,000 DollarWI$E SYC grant from the United States Conference of Mayors, 2011 was the first year that all 5,000 youth participating in Baltimore City’s YouthWorks program received basic financial literacy education as part of their work experience. The DollarWI$E SYC funds were used to hire a financial literacy coordinator who arranged training sessions for the YouthWorks worksite supervisors so that they could infuse a financial literacy curriculum into each participant’s summer work experience. Local financial services volunteers presented financial education seminars at 126 YouthWorks worksites. These in-person financial education sessions reached a total of 1,214 young people. Pre- and post-tests were provided to measure knowledge gained. The average pre-test score was 58 percent. At the conclusion of approximately 90-180 minutes of financial education, scores increased to an average of 91 percent. All 2011 YouthWorks participants were encouraged to open checking and savings accounts, and incentives—funded by the DollarWI$E grant—were awarded to all workers who saved $100 or more by the end of the program.

BALTIMOREMARYLAND

MAYORSTEPHANIE RAWLINGS-BLAKE

3

COLUMBUSOHIO

$aveItThe Central Ohio Workforce Investment Corporation’s (COWIC’s) summer program is designed to provide at-risk youth with a 6-week internship, focused on their specific career interests. Participants have the opportunity to establish important life skills by working hand-in-hand with employers throughout Franklin County. Over the last two summers COWIC has provided internships and financial literacy education for over 4,700 youth. COWIC recognizes financial literacy as a critical element to building a solid future. The program collaborates with local financial institutions to educate our participants on the significance of having basic financial skills. At the beginning of every program, youth are required to complete an hour-long financial literacy workshop. Through research, the City of Columbus has learned that youth find this workshop helpful; however, many still do not understand the value of saving, how to properly access their money, or why there are fees if they overdraw. COWIC has also found that many of our youth are more motivated to participate in saving for longer periods of time when incentives are being offered. Extending the program and offering incentives has been an on-going effort that COWIC and our financial partners have been striving for over the last two years. The DollarWI$E SYC Grant has allowed the city’s program to provide an incentive in the form of $10.00 savings account deposits to participants that successfully complete our $aveIt! training. It has also allowed for the expansion of the financial literacy training to 3 hours & utilize FDIC’s Money Smart for Young Adults curriculum. The $aveIt! training includes instruction on maintaining a budget, checking/savings account knowledge, importance of your credit score, how to read a credit report, the differences between credit and debit cards, protecting your identity, and the value of saving and investing.

MAYORMICHAEL

COLEMAN

4

5

Bank on FresnoThanks to the DollarWI$E SYC grant provided to the City of Fresno by the United States Conference of Mayors in 2011, United Way of Fresno County, ResCare Workforce Services, Fresno County Workforce Investment Board, Fresno County Economic Opportunities Commission and Fresno Mayor Ashley Swearengin extended the Bank on Fresno program’s financial education component to low-income youth between the ages of 14-21. Specifically, the grant provided a $25 incentive check to unbanked participants of financial education workshops who want to open a low- or no-cost checking or savings account with a Bank on Fresno partner financial institution. Participants were also encouraged to serve as “Youth Ambassadors” who would talk about the benefits of a relationship with a financial institution and advocate for financial education. To date the program has had 88 participants in five workshops. We anticipate a total of 150 participants going through the program.

FRESNOCALIFORNIA

MAYORASHLEY SWEARENGIN

6

PHOENIXARIZONA

TILTTILT (Tomorrow’s Involved Leaders Today) is a student leadership program which encourages youth through community service and leadership skills to become the next generation of civic-minded leaders. TILT was created to “bridge the gap” between existing neighborhood groups and youth to establish sustainable, experience driven initiatives and encourage new youth leaders. Graduates complete a series of instruction in leadership development, writing, team building, presentation development, grassroots organization, volunteer project management, public speaking, and financial education (through a partnership with Junior Achievement). Youth have been introduced to role models such as Erika Camacho, former student of Jaime Escalante and current professor of Mathematics at Arizona State University; and Dennis Burke, former chief of staff to former Governor Janet Napolitano and current Secretary of Homeland Security. Youth are also exposed to educational opportunities through partnerships with Grand Canyon University, and the City of Phoenix College Depot Program. In 2009, the TILT program won the NAHRO Merit Award in Housing and Community Development. The TILT program has used the DollarWI$E SYC grant funds to continue its current financial education partnership with Junior Achievement, and to expand the curriculum to include new partnerships with Bank of America to provide more in-depth financial education to youth. In addition, the award has allowed the City to expand its current curriculum to include additional workshops such as interviewing skills, resume writing, and “dress for success” workshops to teach youth vital career building skills.

MAYORGREG STANTON

7

Financial Tips and Tools for Teens ProgramThrough our $4,000 DollarWI$E SYC grant, the Workforce Develop-ment Council (WDC) of Seattle-King County was able to provide financial literacy counseling to almost 500 young people in summer 2011. DollarWI$E made this possible by enabling the WDC to adapt a curriculum on youth financial literacy that had been developed previously. The WDC has a strong commitment to financial literacy as an integral part of employment counseling. The award-winning Self-Sufficiency Calculator was used throughout the adult and youth employment programs, and now anyone in Washington state can use this online tool (www.thecalculator.org) to create a budget and learn how much they need to earn to meet their family’s needs. Through DollarWI$E, the WDC used an efficient “train the trainer” model in which 16 youth case managers from six organiza-tions learned how to counsel young people in a range of financial topics. The training included practical exercises and worksheets to share with youth, information on resources such as free checking, and a workbook called Investing in Yourself from American Financial Solutions. Armed with new knowledge and tools, staff then provided financial counseling to approximately 500 youth. (They also found the information helpful for their own financial situations.) Youth were encouraged to share what they learned with friends and family and several created videos showing the same. As a result, two young men from Seattle entered the DollarWI$E video contest and were among the five national winners of an iPad2! Participating in DollarWI$E has been a springboard to further integrating financial literacy with employment services for young people. The City’s local partners are committed to strengthening this integration.

SEATTLEWASHINGTON

MAYORMIKE McGINN

DollarWI$E is dedicated to the

idea that all Americans can benefit

from increased access to financial

education. As individuals improve

their financial literacy, they are better

prepared to build stable families, to

help themselves and their children

gain education, to be productive

members of the workforce, and to

contribute to their communities and

the nation.

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