Financial literacy is the ability to understand and apply financial skills, such as personal finance management, budgeting, and investing. Financial literacy is crucial for youth in foster care to learn before transitioning out of the foster care system to independence and self-sufficiency. The following resources provide information on finances and money management for youth in foster care to help them set and attain financial goals, equip them to navigate the financial marketplace, and prepare them for a smooth and successful transition into adulthood.
8 Financial Tips for Young Adults
Provides financial tips for young adults on the most basic things to know about managing money, including the importance of self-control, thinking about the future, knowing where money goes, having an emergency fund, saving for retirement, and more.
Building Wealth: A Beginner's Guide to Securing Your Financial Future (PDF - 5,284 KB)
Federal Reserve Bank of Dallas (2017)
Offers guidance to young adults in foster care or others interested in learning how to build wealth. The guide covers the language of financial literacy, learning to budget, saving and investing, building credit, controlling debt, and protecting wealth.
Financial Empowerment Toolkit
U.S. Department of Health and Human Services, Administration for Children and Families, Children’s Bureau (2014)
Provides child welfare caseworkers, foster parents, and other adults with tools to build their capacity to guide youth in developing their financial capabilities. The toolkit includes guides about credit history, taxes, building credit, insurance, and identity theft.
Foster Youth: How to Protect and Build Credit
Explores how youth in foster can build credit, monitor their credit activity, and protect themselves from identity theft.
Getting Tax Savvy: What You Need to Know About Taxes
National Resource Center for Youth Development & Corporation for Enterprise Development (2014)
Offers a toolkit for youth in foster care that explains Federal and State taxes, how to interpret a pay stub, how to file taxes, tax credits, and more.
The Journey to Adult Financial Well-Being
Consumer Financial Protection Bureau
Guides youth in foster care or other young adults through the attitudes, skills, and habits needed to become financially literate and secure financial well-being. The concepts reviewed include learning financial capability, creating financial habits, financial literacy, and financial decision-making skills.
Jumpstart's Reality Check
Offers a quiz for young adults transitioning to adulthood to give them a reality check on spending, saving, and how much money they will need to afford a certain lifestyle.
Keys to Your Financial Future Participant Guides
Annie E. Casey Foundation (2019)
Presents a financial curriculum for young people, including those transitioning out of the foster care system, to learn financial literacy. The curriculum aims to empower youth to be able to make smart financial decisions as they enter adulthood. Topics reviewed include building financial knowledge, credit history, credit, income, budgeting, saving, banking, and identity protection.
Money Smart – A Financial Education Program
Federal Deposit Insurance Corporation (2020)
Presents a financial education curriculum for young adults aimed at teaching basic financial topics to those with low and moderate levels of income. Tools are available for different age groups and are provided in nine languages. The website also offers Money Smart for Young People, which provides different curriculums by age group.
Resources for Youth
Offers information for youth, including high school-aged youth, on how to save money, how to budget, and other financial education. The website is organized around the My Money five principles: spend, earn, save, invest, protect, and borrow.
Taking Charge of Your Money: An Introduction to Financial Capability
National Collaborative on Workforce and Disability (2016)
Offers a guide for youth about to enter the workforce on the importance of learning how to manage money. The brief reviews the concepts of earning, saving, investing, protecting, spending, and borrowing, among other topics.
Types of Federal Student Aid [Video]
U.S. Department of Education, Office of Federal Student Aid (2012)
Presents a video that outlines Federal funding options for students to get money for college through grants, loans, and work study programs. Federal student aid goes toward tuition, room and board, and college-related supplies. Visit the Federal Student Aid website to learn more.