Increasing Youth Financial Capability: An Evaluation of the MyPath Savings Initiative

Vernon Loke, Laura Choi and Margaret Libby

Journal of Consumer Affairs, 2015, vol. 49, issue 1, 97-126

Abstract: type="main" xml:id="joca12066-abs-0001"> Although there has been mixed evidence from research on the efficacy of financial education efforts for youth, there is an emerging consensus that focusing on financial capability may be a more effective approach. This article examines the impact of the MyPath Savings pilot on 275 economically disadvantaged youth participating in a youth development and employment program. MyPath Savings targets youth earning their first paycheck—a critical “teachable moment” to promote savings and connect youth with mainstream financial products. The results indicate that MyPath Savings is highly relevant to participants' needs. In addition, youth experienced significant increases in financial knowledge, financial self-efficacy, and the frequency with which positive financial behaviors were carried out. Participants also saved an average of $507 through MyPath Savings. Gains in financial capability were mostly independent of the youths' race, gender, household income, and public benefits receipt. Possible factors for the promising results are discussed.

Date: 2015
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