NLC Launches Project to Incorporate Financial Capability into Local Youth Employment Programs
FOR IMMEDIATE RELEASE:
WASHINGTON - To improve the ability of young people to effectively manage their finances - from spending and saving to building credit and keeping debt manageable - the National League of Cities (NLC) will identify best practices for local leaders to incorporate financial capability strategies into municipal youth employment programs. This new, yearlong project, made possible by a generous grant from JPMorgan Chase, aims to increase the financial knowledge and access to financial services for youth ages 14 - 24 in cities across the country.
"A solid understanding about money management and how our financial systems work is crucial for young people today, and that's why this project is so timely and important," said NLC CEO and Executive Director Clarence E. Anthony. "Incorporating financial capability strategies into youth employment programs gives young people increased access to financial services and provides an opportunity to learn financial responsibility, develop an understanding of how to build and grow assets, and most importantly, be better prepared to succeed in today's economy."
NLC will examine the roles city leaders, workforce boards, banks and credits unions play in ensuring that young jobseekers have access to financial tools and services and identify best practices for integrating financial capability into youth employment programs. NLC will also partner with federal agencies and nonprofit organizations to help local officials and city staff identify financial capability training and education programs for young people who seek and secure employment through federally funded local jobs programs.
For instance, NLC will provide guidance to the Consumer Financial Protection Bureau (CFPB) in its ongoing youth employment technical assistance initiative. This initiative, which will be undertaken in collaboration with the U.S. Department of Labor, will provide assistance to local leaders in up to 25 cities in geographically diverse locations across the country. Assistance will focus on ways cities can ensure that financial capability training and access to safe and affordable financial products are available for young jobseekers and workers.
At the end of the project, NLC will publish a best practices guide for local leaders. The guide will help local leaders assist young jobseekers and workers with financial information and access to financial services to maximize their success in future postsecondary education and career pursuits.
"Providing our nation's youth with actionable, well-timed financial information and products when securing their first job can vastly improve their ability to weather emergencies and plan for the future," said JPMorgan Chase Foundation President Dalila Wilson-Scott. "We are proud to support the National League of Cities' work to identify and share best practices that can promote economic opportunity for young people. JPMorgan Chase is committed to connecting economically disadvantaged youth with financial and skills-based resources they need to be personally and professionally successful."
The National League of Cities (NLC) is dedicated to helping city leaders build better communities. NLC is a resource and advocate for 19,000 cities, towns and villages, representing more than 218 million Americans.