Opportunities Account for Youth in Care – Final Report (2013)

This document describes a project designed to test whether teaching youth in care about money management, and providing incentives for saving, would improve their financial knowledge, skills, and behaviour. The project was undertaken by Social and Enterprise Development Innovations (SEDI), which helps low-income earners gain financial independence through asset building, financial literacy, and entrepreneurship.

The Opportunities Account for Youth in Care (OAYC) project was designed to provide up to 300 young people in Toronto with financial literacy education by building the capacity of care workers to facilitate discussions on financial management.

As well, a matched savings program was piloted with 20 youth in care. In addition to the financial literacy discussions, these youth would receive $3 in matching funds for every dollar they saved, on the condition that they save at least $10 a month over a six-month period, up to a maximum of $400.

Results show that youth who participated in financial literacy discussions demonstrated improved money-related knowledge and skills development, and that the youth involved in the matched savings project increased their savings and assets.

Based on the results, SEDI recommended the development of a new model for delivering financial literacy programming to youth in care, one that would not add to the work that youth workers already do, and would provide a way to track financial literacy milestones met by youth.

As well, SEDI recommended that future matched savings programs incorporate participants’ suggestions with respect to age of participants, savings timelines, and eligible savings goals.

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Added: 
2014-02-28
APA citation
Social and Enterprise Development Innovations (SEDI). Opportunities Account for Youth in Care – Final Report 2013. Web. 23 Nov. 2020 <http://en.copian.ca/library/research/sedi/opportunities_account/opportunities_account.pdf>
Social and Enterprise Development Innovations (SEDI) (2013). Opportunities Account for Youth in Care – Final Report. Retrieved November 23, 2020, from http://en.copian.ca/library/research/sedi/opportunities_account/opportunities_account.pdf
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