FCYU-Feature Story

Passport To Your Future
A Jim Casey program helps teens save up for success.

By Natasha Santos

When a foster youth ages out at 18 or 21, they are often given a certain amount of money to support themselves and told good-bye. Many end up going into shelters. But in 10 states around the country, an organization called Jim Casey is trying to help teens who are aging out develop financial independence and the skills to achieve their life's goals.

To provide this help, Jim Casey has created what they call the Opportunity Passport. The program provides youth with bank accounts to build up some savings, and better access to education and job opportunities in their communities. It also gives money directly to these youth, through a matched savings account called the Individual Development Account (IDA).

Matched Money

In an IDA, the youth saves the money they make from work and puts it into the account. When a youth makes a withdrawal for important things like education, transportation, employment, health care and housing, Jim Casey matches it-meaning they add a dollar for every dollar that is withdrawn-up to $1,000 a year.

For short-term expenses, teens also open personal debit accounts, although withdrawals from these accounts are not matched. And they must take a financial literacy course, which teaches skills like balancing a checkbook and using a bank account.

The accounts are meant not only to offer help, but also to teach youth how to manage money and save for the long term. "It's real hard for teens, whether they're in care or not, to learn to save," said Shannon Brower, the Jim Casey coordinator in Michigan. "We say: 'It takes income to get by, but savings to get ahead.' Even a little savings is a really good thing."

Shawn Berger, a 20 year old from Michigan who has participated in the program since she was 18, said it changed the way she thought about money. "Back then I was living from paycheck to paycheck," she said. "Now I'm thinking about saving money for my future."

With money from their IDA accounts, past participants have paid for college and bought cars to get to work. One youth even hired a photographer to take a set of professional photos to help kick off her career as a model.

Opening Doors

Another part of the Opportunity Passport is called Door Openers. Local organizations are asked to support foster youth in their community by giving them opportunities to succeed. For example, colleges and vocational schools make it easier to enroll for teens leaving care, and local businesses offer job openings to foster youth first. Since jobs are often hard to come by for youth coming out of care, Door Openers gives them important assistance.

Some members of the community even lend a hand by offering things like free haircuts or ski passes. "It raises awareness and connects the community to kids in care," said Brower.

There are currently 10 different communities involved with the Opportunity Passport. Agencies that are involved in the program usually invite youth to join, or youth can be referred by community agencies. The youth who want to be in the program have to have been in care at some point, and be between 14 and 23 years old. Once a teen is enrolled, they stay enrolled until they are 23 or until they decide to leave.