Helping Older Youth Become Financially Self-Sufficient
Financial capability is the capacity to manage financial resources. Built on a base of knowledge and skills, it provides the foundation that youth need to become self-sufficient adults. A new webpage on the Child Welfare Information Gateway website provides resources that can be used by service providers and youth to help prepare youth to navigate the financial marketplace and to set and reach financial goals.
Created to provide great resources to older youth and the child welfare professionals working with them, the page provides information on how to help youth understand more about their own capacity for building and maintaining financial capital. In particular, the Financial Empowerment Toolkit, which covers topics such as credit, taxes, insurance, and others, is a comprehensive resource developed by the Department of Health and Human Services' Administration for Children, Youth and Families and the Office of Community Services. It provides caseworkers, foster parents, young adults transitioning out of foster care, and other interested parties with strategies and resources to improve financial capabilities of youth in foster care.
Check out the toolkit and other great resources at https://www.childwelfare.gov/topics/outofhome/independent/support/support-services-for-youth-in-transition-financial-capability/.