FOR IMMEDIATE RELEASE:
Date: June 21, 2018
Contact: Dori Caminong, Community Engagement and Communications Manager, DCYF
415-554-8415 | 415-819-8281 cell | firstname.lastname@example.org
Press Release PDF
***Press Release ***
Supporting San Francisco Young People’s Financial Capability
Citi Foundation and Cities for Financial Empowerment Fund (CFE Fund) invests $535,000 in San Francisco’s
youth employment and financial literacy programs
San Francisco – The City of San Francisco was selected as one of eight cities in the country awarded funding by the Citi Foundation to get more young people “banked” and able to access quality financial education for youth ages 14-24. In April 2018, the Citi Foundation announced an additional $5 million investment in continued support to the Cities for Financial Empowerment Fund (CFE Fund) to provide more than 2,400 low-income youth with summer jobs and access to financial education as part of Summer Jobs Connect in 2018. In addition to San Francisco, the Summer Jobs Connect city partners include Chicago, Los Angeles, Miami, Newark, New York City, St. Louis, and Washington, D.C.
"Summer jobs provide young people with the opportunity to develop workplace skills and gain experience managing their paycheck at an early point in their working lives," said Brandee McHale, President of the Citi Foundation. "Our continued collaboration with the Cities for Financial Empowerment Fund and the mayors across eight U.S. cities will connect thousands of youth with a summer job experience. We've learned tremendously from our partners and youth participants over the course of four years and look forward to continuing to work together."
SF Department of Children, Youth and Their Families (DCYF) has partnered with the Office of Financial Empowerment and MyPath forming the San Francisco Summer Jobs Connect partnership. Implementing this annual initiative since its initial launch in 2014, the partnership has received $2,198,000 in total funding to support banking access and youth financial education reaching over 3,100 youth to-date. For summer 2018, the City received $535,000 from the Citi Foundation and CFE Fund. DCYF received $400,000 to fund 200 job slots through the Mayor’s Youth Employment & Education Program. The Office of Financial Empowerment/EARN through the Tax and Treasurers Office received $65,000 to assist with negotiating account standards, training and opening accounts. MyPath received $70,000 to provide financial education, training and data collection.
“This investment in our San Francisco youth workforce creates opportunities of meaningful employment, banking literacy and financial education. Together, we are empowering our next generation of talent to embrace a growth mindset and make major changes in their lives,” said Maria Su, DCYF’s Executive Director, “What began as an initiative focusing on summer employment has scaled into a year-round effort.” DCYF will be working with 21 summer employment programs and in the fall, engaging an additional 12 programs with the goal of reaching 2,000 young people this year.
SF Summer Jobs Connect offers youth-specific accounts, an evidence-based curriculum and training for service providers on how to ensure that young people have the tools to get the most out of their earnings. In its 2014 inception, it discovered the majority of youth participants were cashing their paper checks at corner liquor stores and check-cashing sites. The participants did not have a bank account and very few were saving any of their income. Many agencies reported that they did not offer a quality financial literacy component in their training and their staff did not have the confidence or knowledge of banking or budgeting. Over the past four years, SF Summer Jobs Connect has been able to increase payment through direct deposit from 45% to 75%, decreased the use of check cashing and corner liquor stores as places youth cashed their checks to 5%, and greatly increased the numbers of youth with safe bank accounts and savings. SF Summer Jobs Connect has partnered with the San Francisco Federal Credit Union and Self Help Credit Union to assist youth in opening secure accounts. Since its inception, over 2,100 youth ages 14-24 have opened a new credit union accounts which have a current balance of $1.25 million. Youth on average have saved 30% of their pay.
The San Francisco Department of Children, Youth, and Their Families (DCYF) is the City agency that leads the people of San Francisco’s powerful investments in children, youth, transitional age youth, and their families since 1991. As stewards of the Children and Youth Fund, we bring together government, schools, and community-based organizations to strengthen our communities to lead full lives of opportunity and happiness striving to make San Francisco, an even greater place to grow up. We are a strong voice at the heart of San Francisco’s commitment to advancing equity and healing trauma. For more information, please visit www.dcyf.org
About the Cities for Financial Empowerment Fund (CFE Fund)
The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.
About the Citi Foundation
The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant cities. The Citi Foundation's "More than Philanthropy" approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation. For more information, visit www.citifoundation.com.