Providence pilots federal youth financial literacy program

Mayor Angel Taveras on Wednesday announced that Providence is among four U.S. cities piloting a national Summer Youth Employment and Financial Capability Project this year for 361 city youth ages 14 to 21. More

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Providence pilots federal youth financial literacy program

PBN FILE PHOTO/MICHAEL SALERNO
MAYOR ANGEL TAVERAS said Wednesday that this summer's youth jobs program includes a pilot of a federal project to educate city youth about money management.
Posted 7/23/14

PROVIDENCE – Mayor Angel Taveras on Wednesday announced that Providence is among four U.S. cities piloting a national Summer Youth Employment and Financial Capability Project this year for 361 city youth ages 14 to 21.

The project, administered under the U.S. Consumer Financial Protection Bureau, was launched in coordination with Providence’s youth summer jobs program to help improve financial literacy among youth early in their work years. The federal agency selected Providence; Evansville, Ind.; Little Rock, Ark; and St. Louis to pilot the program based on the cities’ strong summer employment programs and relatively high levels of youth unemployment.

“The opportunity to learn money management skills as part of a young person’s job training prepares them well for life,” said Taveras at a press conference held Wednesday morning at the Fox Point Boys & Girls Club, one of many agencies participating in the city’s summer jobs program. “There are 361 youth taking part learning tools they’ll carry with them throughout their careers, and share with family, friends and classmates.”

Youth participating in the Providence summer jobs program attend 20 hours of classroom-based workforce readiness training, and this year three of those hours will focus on financial literacy using Consumer Financial Protection Bureau teaching materials. Students will learn how to set money goals, track and review spending, understand the benefits of strong credit and prevent identity theft, according to a release from Taveras’ office.

“At CFPB, we want to help first-time workers understand how to manage their new income, set some goals and save for their financial future,” said Desmond Brown, a program specialist with the Consumer Financial Protection Bureau’s Office of Financial Empowerment. “A summer job is the perfect opportunity to do that.”

The Providence summer jobs program is funded by the city of Providence, the Governor’s Workforce Board Job Development Fund and the R.I. Department of Human Services.

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