The Opportunity Passport

Summary

This report shares select statistics and stories from the Opportunity Passport’s first five years. Readers will also learn how the program — developed by the Jim Casey Youth Opportunities Initiative — is connecting young people with essential financial opportunities as they transition from foster care.   

Table of Contents

• Introduction
• Young People Transitioning from Foster Care Are Saving and Buying Assets
• A Developmentally Appropriate IDA is Key to Success
• Youth and Young Adults Must Guide Their Involvement In Asset Development
• Even the Most Challenged Young People are Able to Save and Purchase Assets
• An IDA is an Important Support…But No Substitute for Family
• Recommendations for Policy and Practice
• About the Jim Casey Youth Opportunities Initiative

Key Takeaway

Young people exiting care have missed out on key money management experiences

Young people aging out of foster care often lack the basic financial skills necessary for economic success. Enter Opportunity Passport, which offers a matched savings account that gives these youth a critical chance to manage their finances, interact with the mainstream banking system and set aside money to purchase assets.