The Jim Casey Youth Opportunities Initiative has 13 years under its belt improving the pocketbooks of foster youth with its Opportunity Passport™ – a matched savings account strategy helping kids exiting foster care become financially literate and fiscally stable. This brief shows the impact of the Opportunity Passport over the years.
Opportunity Passport™ hits a 13-year winning streak with youth
Findings & Stats
Participants who report having a permanent adult in their life are more likely to be financially capable.
Those purchasing assets are more likely to report being high school graduates and having the same full-time job for at least six months.
Opportunity Passport allows approved assets — such as education, vehicle, housing, investments, microenterprise and health care — to be matched dollar for dollar up to $3,000 over a lifetime.
44% of foster teen parents purchased at least 1 asset through the Opportunity Passport — a rate exceeding non-parent youths.
23% of respondents purchased education or training as an asset.
Financial capability is so critical to a young person’s success that the Jim Casey Initiative revamped its financial education curriculum to make it more age appropriate and accessible.
Statements & Quotations
Within this broader context of systems improvement, sites also implement a very focused strategy that offers young people the Opportunity Passport™, the primary component of which is an Individual Development Account (IDA), or a matched savings account.
When the Jim Casey Initiative began its work, we were not certain that young people aging out of foster care would and could take advantage of an IDA. We have seen that they can and, thirteen years later, continue to do so.
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