Building Financial Capability for Youth Transitioning from Foster Care

By the Annie E. Casey Foundation

July 11, 2014

Summary

This issue brief arrives 13 years after the launch of Opportunity Passport™, a targeted intervention seeking to build financial capability in youth transitioning out of foster care. Readers will learn about the initiative’s latest participant survey results, strategies for expanding the Opportunity Passport™ framework, and how policy makers can help strengthen financial literacy and experiences among foster care youth.

Opportunity Passport™ is a product of the Jim Casey Youth Opportunities Initiative.  

Table of Contents

Key Takeaway

It can be an unforgiving world for youth exiting foster care with limited financial know-how

While in foster care, many teens miss out on opportunities to spend and save their own money. Yet, as young adults, they are thrust into the complex world of finances and left to go at it alone. Enter Opportunity Passport™, a targeted intervention by the Jim Casey Youth Opportunities Initiative that aims to give adolescents and young adults real world experience building assets and filling in the financial blanks.  

Findings & Stats

Adult Influence

This report shares eight key lessons from the Opportunity Passport™ initiative. Tops on the list? Adult connections matter. 

Top 3 Assets

For young people transitioning from foster care, the most common asset purchases are vehicles, education and housing.

Statements & Quotations