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The National Credit Union Foundation is inviting credit unions to join them in addressing a critical issue: the financial education needs of over 400,000 children and youth in foster care. These individuals face unique challenges, including a higher risk of identity fraud. Studies also show lower rates of higher education enrollment and limited access to support systems among foster youth. If your credit union is interested in helping empower those living in the foster care system with the knowledge and tools to navigate their financial futures successfully, you can take advantage of a special grant opportunity.
The Foundation is offering $173,000 to credit unions of any size to establish programs supporting foster youth with basic financial education in budgeting, credit, and banking solutions.
Eligible credit unions will have the ability to open savings accounts and checking accounts for this demographic while also providing timely financial education and well-being information for youth in preparation for aging out of the foster care system.
The Foundation’s objective with this funding is to achieve the following impact:
- If youth in foster care receive training on basic financial education skills, will this improve their financial health and resilience at the time of aging out of the system (e.g. – habit of savings, an account, access to affordable credit)?
- If youth in foster care are provided with the ability to open savings accounts, will this encourage savings behaviors and provide this demographic with a financial safety net once they turn 18?
- What impact does improving financial health in this demographic have on other economic barriers such as housing and access to education?
- What planning resources/advice is needed to help participating institutions take concrete action and have an impact on this at-risk population?
Credit unions can apply for a grant online. Once applications are received, assessed, and approved, the Foundation will divide available funding amongst qualified participants. Given the League’s expertise in providing financial education to Maine youth, we can assist your credit union with building out your educational outreach plans.
This grant effort will run through September 2025. The deadline to apply for a grant is close of business on Tuesday, August 20, 2024. For more information on the Foundation’s grant program, contact Christine Hickey, Financial Health Program Manager, via email at chickey@ncuf.coop.