Opportunity Passport - June 2015

Data Brief

By the Annie E. Casey Foundation

June 9, 2015

Summary

 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. 

Table of Contents

Key Takeaway

Opportunity Passportâ„¢ hits a 13-year winning streak with youth

Looking to apply best practices to a distinct population, the Jim Casey Initiative designed the Opportunity Passport™  to help foster youth between the ages of 14 and 25 learn about money. Crafted after the Individual Development Account (IDA), it sports a matched savings program that helps participants learn financial management, obtain experience with the mainstream banking system and save money for assets. And, as this brief shows, 13 years later the concept is still winning converts and creating assets for these youth. 

Findings & Stats

Sound Assets

Those purchasing assets are more likely to report being high school graduates and having the same full-time job for at least six months.

Matching Strategy

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. 

Statements & Quotations