Financial capability is the capacity, based on knowledge, skills, and access, to manage financial resources. It provides the foundation that youth need to become self-sufficient adults. The following resources can be used by service providers and youth in order to prepare them to navigate the financial marketplace and to set and reach financial goals.
Building Financial Capacity: A Planning Guide for Integrated Services [Webinar]
Capacity Building Center for States
Explores how to design, integrate, and implement financial capability services into existing programs targeted at youth who are transitioning out of foster care to help them manage their financial resources and avoid chronic financial instability. Presenters include Matthew Hudson, the Center’s Youth Development program area manager; Kori Hattemer, a senior program manager in Savings and Financial Capability at the Corporation for Enterprise Development (CFED); and Lynne Wright, the Center’s program area advisor for Youth Development.
Building Financial Capability: A Planning Guide for Integrated Services (PDF - 5,307 KB)
Administration for Children and Families, Office of Community Services, Assets for Independence Program (2015)
Guides community-based organizations—including those serving youth—through providing financial capability services for the first time, or through integrating them into existing services, such as housing, job training, or Head Start. The guide walks users step-by-step through the process of developing an integration plan, beginning with developing a deeper understanding of clients’ financial circumstances and which financial capability services can help them improve their situations.
Connected by 25: Financing Asset-Building and Financial Education Programs for Youth Transitioning Out of Foster Care (PDF - 415 KB)
Describes five financing strategies to support asset-building and financial education programs for youth in foster care, including information on funding sources, examples of how programs have used these resources, and considerations for implementation.
Financial Capability for Youth and Child Welfare [Webinar]
Capacity Building Center for States
Provides an overview of resources and strategies to enhance approaches for providing financial capability training for youth who are transitioning out of foster care. Child welfare directors, foster care managers, and Independent Living (IL) Coordinators may find this webinar helpful. Presenters include Matthew Hudson, the Center’s Youth Development Program Area Manager; Kori Hattemer, a Senior Program Manager in Savings and Financial Capability at the Corporation for Enterprise Development (CFED); Lynne Wright, the Center’s Program Area Advisor for Youth Development; and Kim Lemcke, a Minnesota Independent Living Coordinator.
Financial Empowerment Toolkit
Administration for Children and Families, Children’s Bureau (2014)
Reports on lessons learned, best practices and practical tools to help service providers choose and integrate new financial empowerment strategies, programs, or interventions. Includes a resource entitled A Financial Empowerment Toolkit for Youth and Young Adults in Foster Care and provides accessible and practical information to youth on critical topics:
Consumer Financial Protection Bureau
Offers parents age appropriate information to assist their children to make financial decisions with money such as; planning, saving, and spending. Resources and activities to educate young Americans to be financially conscious are also listed.
Helping Youth Start and Maintain Good Credit (PDF - 91 KB)
Consumer Financial Protection Bureau (2013)
Outlies key steps parents can utilize to ensure that their children have access to their credit report status and maintain good credit standing.
Your Money, Your Goals: A Financial Empowerment Toolkit for Social Services Organizations (PDF -1,790 KB)
Consumer Financial Protection Bureau (2014)
Equips case managers and other frontline staff to help their clients set goals, choose financial products, and build skills in managing money, credit, and debt.