AC CAN Welcomes New Member MyPath
There are 20 million young people ages 16 – 24 working in the U.S., earning their first paychecks, often through youth employment programs. Many of these youth and young adults are growing up in financial deserts — communities without ready access to safe, quality financial tools and information. As a result, when youth from these neighborhoods take the critical step to secure a job, too many lose their hard-earned income to high-cost check cashers, and end up on a dead-end financial path.
Reaching youth with financial tools and information as they are starting their first jobs gives them a real shot at economic mobility. This teachable moment—a first paycheck—offers a powerful touch point where access to banking, saving and credit-building are especially relevant and timely. What’s more, reaching young people before and as they transition into adulthood can prevent the kinds of financial challenges facing so many adults in America today, such as damaged credit, unmanageable debt and lack of emergency savings.
The vision of MyPath, a national nonprofit based in San Francisco, is that every low-income youth has the chance to make their first paycheck not just about income, but lasting economic mobility. MyPath provides proven, youth-centered models that boost the power of first paychecks by connecting working low-income youth with banking and interactive financial education (including a youth budgeting and saving online platform, MyPath Money). MyPath’s evidence-based programs support youth to manage their income and save for personal goals, and, in doing so, to build their financial capability and confidence. MyPath provides technical assistance, training and materials to cities and youth employment programs to support these partners to “bake” banking, saving and credit-building tools and information directly into their existing youth employment programs. MyPath also supports credit unions to adapt financial products and enrollment processes that reduce barriers for youth (based on MyPath’s Youth Banking Standards). MyPath initiatives in eight communities– including Oakland — have generated the following outcomes: MyPath’s 50+ youth employment partners in 8 cities have engaged 5,000 low-income working youth in banking, saving, and credit-building, generating over $1.5 million in savings.
MyPath’s youth financial capability models have been rigorously tested and proven to be effective in achieving financial behavior and attitude change outcomes.
AC CAN Member News
AC CAN will be presenting at the California Asset Building Coalition Symposium: Strengthening Our Future by Closing the Wealth Gap
We will be there on Dec 8th in Sacramento, sharing our work on youth workforce financial integration on a panel, and the entire day’s events will be exciting. Please see more about the Symposium here
The day will start with an exciting panel featuring national experts in the field.
Plenary Panel on the Racial Wealth Wage Gap
Newly published research from CFED shows how significant the racial wealth divide in the US has become and how, absent intervention, the divide will never close. Our discussion will include compelling data and quickly pivot to insights from a pioneer in the non-profit lending who is connecting underserved communities to the mainstream financial system, reflections from a long-time philanthropic supporter of asset-building programs that benefit and support California’s families, and a staunch advocate for the consumer rights and protections that are critical to closing the divide. Moderator: Tracey Ross, PolicyLink Speakers: • Solana Rice, CFED • Jose Quinonez, Mission Asset Fund & 2016 MacArthur Genius Award Recipient • Pam David, Walter & Elise Haas Fund • Andrea Luquetta-Kern, California Reinvestment Coalition
Register Now (space is limited)
NPower Alameda New Classes Begin 1/13/17!
AC CAN member NPower Alameda provides free technology training to Young Adults 18-29 and Veterans of all ages!
Aspiring professionals that want to accelerate a career in tech should apply for the program.
Learn more and apply here.
News from the Field
Financial Health & Social Good: Steering through Uncharted Waters
These are uncertain times for the people and organizations dedicated to providing crucial services to underserved U.S. communities.
But an unclear operating environment does not mean we should sit still and wait. This is exactly the time to prepare our organizations for whatever change is coming in a thoughtful, data-driven way. Understanding our organizations’ financial health and readiness, and crafting potential scenarios for our programs and services, are the crucial first steps.
NFF has been teaching this preparedness to thousands of social sector leaders for decades.
Training will be offered twice on Dec 6th and Dec 7th
Webinar About Recent Research on the Effectiveness of IDAs and the AFI Program
Building Savings for Success: Early Impacts from the Assets for Independence Program Randomized Evaluation
Wednesday, December 7, 2016
This webinar is free, but advanced registration is required. Register today!
Webinar featuring research findings and future implications of the newly completed evaluation of Local Interventions for Financial Empowerment through Utility Payments (LIFT-UP) program.
Thursday December 15, 2016 Join the Center for Financial Security (CFS) and the National League of Cities (NLC). Listen to Denise Belser of NLC speak on the program’s background; Bonnie Ashcroft, of Houston’s Department of Public Works and Engineering, discuss the participating city perspective; and researcher Stephanie Moulton present on the findings and implications of the program.
Click here for more information or to register.
CFED held an open phone call, “Charting a Course in a New Political Environment.”
During the call, they shared what will change—and what won’t—when it comes to their strategies for building and protecting an inclusive economy. If you weren’t able to make it, or if you want to share the conversation with a friend or colleague, you can now listen to the recording online.
EARN – Community Engagement Manager
EARN- Product Evangelist
Greenlining Institute – Paid Yearlong Policy and Legal Fellowships
Greenlining Institute – Paid Summer Policy and Legal Fellowships
National CAPACD – Asset Building Program Coordinator
Contra Costa Interfaith Housing – Executive Director
East Bay Asian Local Development Corporation –SparkPoint Oakland Manager
We Want to Hear from You!
If your organization is holding an event, offering a new program, releasing a report, or hiring – let us know.
We’ll be glad to share info with other AC CAN members and supporters all over the Bay Area.
Send us info and flyers or reply to this email.