A partnership between SCE Credit Union and Los Angeles County gives youth in foster care access to their own bank accounts without an adult co-signer.
Many children first learn about managing their own money through keeping a piggy bank or having their first savings account at a bank.
"Kids my age, either 16 or 15, they might want to have a job and either way they're gonna have to have a paycheck and what are they gonna do with it?" said high school senior Candelaria Juarez. Knowing how to use an ATM or using a bank account is something most people take for granted. The beauty of this program is that SCE also provides free financial education.
"Many youth end up aging out of the foster care system and have very few supports and so, the sooner we can get them that financial literacy, the ability to practice those skills, the better-equipped they'll be to try to work through some of the barriers they face when they're aging out of care." said Michelle Lucarelli-Beltran, L.A. County ombudsperson.
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