JIM CASEY YOUTH OPPORTUNITY INITIATIVE 1:15 p.m. – 2:45 p.m. Clearwater, FL ASSET BUILDING November 15, 2010

Breakout Session Purpose  To provide an overview of the importance of asset building for young people.  To share questions, ideas and resources with the end goal of improving asset building opportunities and outcomes for young people.

Assets lead to financial stability and economic security  What is an asset?  What are examples of assets?  Assets AND income—what is the relationship?

The Cliff Effect

Materials created by Inger Giuffrida. Asset Building: Strategies and Practice  What is asset building?  One response: Any strategy that increases the financial or productive asset holdings of young people including strategies that increase their capacity to do so. 5

Materials created by Inger Giuffrida. Strategies that Work!  Individual Development Accounts— matched savings accounts designated for investment in assets (financial, physical or productive) generally provided with a range of supports  Asset Specific Programs  Car Buying/Car Maintenance Training  Small Business Development Training, Technical Assistance and Financing  Job Training, Vocational Rehabilitation Services, Supports for Post-Secondary Education including Financing  Homebuyer Education and Financing 6

Materials created by Inger Giuffrida. Strategies that Work!  Access to Financial Services/ Products—wide range of strategies from institution-based (Community Development Financial Institutions, Community Development Credit Unions) to programs (Get Checking) to innovative uses of stored value cards  Financial Literacy Education—help people acquire knowledge and skills to manage their money, make informed decisions about how they get and use their money, and reach their goals; many curricula, many approaches 7

8 Assessment Group/Classroom Based Training Self Study Useable/Accessible Resources Teachable Moments Coaching Counseling Promotional Campaigns Ongoing Advocacy for Systemic and Policy Changes Participant/ Client Linkages to Accounts & Incentives Materials Developed by Inger Giuffrida 8 Financial Literacy Education System

 Incorporate a one-to-one coaching, counseling or mentoring program into the financial literacy programming during the savings period (pre asset purchase) and as follow up to the asset purchase process.  Provide staff with ideas and training for using experts/volunteer professionals in the delivery of the financial literacy.  Avoid approaches that deliver financial education all at one time (a one-day intensive).  Ensure some approaches to providing financial literacy education facilitate peer support among the participants.  Incorporate field trips as part of the curriculum.  Use videos within the curriculum for individual viewing or viewing as a group.  Use other engaging approaches including simulations and games.  Create linkages so young people can know where to and can get help with finances beyond the Opportunity Passport™ Program—Financial Permanence. 9 Key Recommendations

 Organize training around skills needed to get and keep an apartment—understanding lease agreements and rights as a renter, understanding the real costs of being self sufficient, developing and managing a budget, managing cash flow, building an emergency savings fund (as a way to avoid use of credit among other things), getting a system in place for paying bills on time, protecting credit record/reading credit report, understanding credit (all kinds).  Include other topics: saving for and beyond the IDA, investing, how to be a savvy car buyer, understanding financial institutions including use of online bill paying, understanding how beliefs and attitudes about money influence relationship with money today, protecting identity, understanding rights and responsibilities as a consumer, building wealth, developing a financial plan, understanding taxes, finding ways to increase income, avoiding overspending, and having a vision for my life and understanding how to use financial resources to achieve this. 10 Key Recommendations

11 Contact  Inger Giuffrida, Financial Educator and Asset Building Consultant  Phone: 