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Make Your Path (MY Path™) June 7, 2013 Federation Annual Meeting Delivered By: Margaret Libby, Executive Director Mission SF Community Financial Center.

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Presentation on theme: "Make Your Path (MY Path™) June 7, 2013 Federation Annual Meeting Delivered By: Margaret Libby, Executive Director Mission SF Community Financial Center."— Presentation transcript:

1 Make Your Path (MY Path™) June 7, 2013 Federation Annual Meeting Delivered By: Margaret Libby, Executive Director Mission SF Community Financial Center

2 Mission SF Community Financial Center: Overview PRESENTATION OVERVIEW 1. Mission SF Introduction 2. Make Your Path (MY Path™) Design and Results 3. MY Path Lessons and Next Steps in 2013 Mission SF Community Financial Center

3 Mission SF Community Financial Center: Overview Mission SF positions low-income youth to take control of their personal finances by ensuring they have: 1.Access to quality financial products; 2.A working knowledge of personal finance best practices; 3.A social support system to develop and sustain sound financial habits. When we do this, we promote upward economic mobility and cultivate a stronger, more sustainable economy. Mission SF Purpose

4 Reach people that are not being well-served Reach them through strategic partnerships where they are Bundle services to maximize client outcomes Evaluate process and impact outcomes on an ongoing basis Keep scale in mind Develop and share best practices and lessons with field Mission SF Core Strategies

5 Municipal youth employment programs represent a powerful channel to reach millions of youth from underbanked and unbanked households. 34% of youth ages 16-19, and 55% of youth ages are in the labor force (US Bureau of Labor Statistics, 2012) 40+ million youth are ages years (Census, 2010) No system in place to link them to accounts, financial capability and savings structures The MY Path Opportunity

6 Financial Services Access In San Francisco Banks & Credit Unions Check Cashers & Payday Lenders FINANCIAL SERVICES ACCESS

7 Saving and Economic Mobility

8 Engage youth in the financial mainstream the moment they receive their first paycheck Build financial capability through hands-on experience budgeting and saving their first income stream Shift youth aspirations as they set and meet personal savings goals Spur economic mobility through establishment of savings behaviors and college savings MY Path Overview

9 MY Path : Behavioral Economics Make It Automatic – Program enrollment Make It Easy – Direct deposit and auto-deposit Loss Aversion – MY Path savings matches Power of the Pack – Peer influence and support Pre-set Decisions – MY Path savings contract

10 Three Types of Outcomes Financial knowledge – JumpStart Financial behaviors – budgeting, tracking expenses, savings Youth development – future orientation, self-efficacy, control MY Path: Data Driven Programming

11 MY Path Partners,

12 Ten Partner Sites 280 youth each year from ten community based organizations implementing the San Francisco Mayor’s Youth Employment and Education Program (MYEEP) Income Over half (58%) were from households receiving public assistance, 26% living in public housing, and 86% with annual incomes below half of San Francisco’s median income. Age 9 th and 10 th graders, average age of 15 years. Ethnicity 41% African American, 34% Asian/Pacific Islander, 18% Latino, and 7% declining to state MY Path Participant Profile,

13 MY Path Impact, Over 500 MYEEP participants have opened accounts. Over $450,000 in savings, this year over $1,000 per youth! MY Path Savings, Over Half (59%) met their 6-month goal. Youth saved $238,000 in their MY Path Restricted Accounts, an average of $500 per youth. In “transactional” bank account, over $100,000 in additional, “passive savings,” or $500 per youth!

14 Financial Practices and Behaviors MY Path Impact,

15 MY Path Lesson 1: Technology for Scale Challenge: In-person content delivery with geographically disparate sites is time and resource intensive. Solution: Develop online content delivery platform and implement a Train-the-Trainer model so that youth at each site can lead peer learning sessions.

16 MY Path Lesson 2: Incentivize Saving and Other Financial Behaviors Challenge: Financial incentives for deposits effectively nudged participants to save, but did not promote other financial behaviors such as budgeting and tracking expenses. Solution: Expand incentive structure to reward not only savings, but also other sound financial behaviors.

17 Challenge: Some youth participants have their own bank accounts and agencies want flexibility in financial product offerings. Solution: In close partnership with Community Trust, offer restricted MY Path savings accounts to all, and regular savings accounts with ATMs to those who want them. MY Path Lesson 3: Flexible Savings Products Typical Youth Paycheck

18 MY Path : Up to 600 More Youth! 20 new San Francisco youth employment site partners. MY Path restricted account at Community Trust for their savings, and a second account for paycheck balance Up to $160 per youth to incentivize key financial behaviors. Online interactive financial education platform alongside in- person engagement at program sites, facilitated by site staff and MY Path Youth Coaches.

19 MY Path™ Project Design AccountsDirect Deposit Savings Default Savings Goal Rewards Online Financial Education In-person Reflection High TouchXXXXXX Low TouchXXXXX Accounts + Savings Default XXXX

20 Hear Directly From MY Path Savers IMANI City Hall, Supervisor Avalos MY Path Goal: $480 just to save End Total with Matches: $730 PEDRO Columbia Park Boys & Girls Club Goal: $470 for college End Total with Matches : $720

21 Margaret Libby, Executive Director Vishnu Sridharan, MY Path Director x18 MY Path Working Paper available at the Federal Reserve Bank of San Francisco’s website: Increasing Financial Capability among Economically Vulnerable Youth: MY Path.


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