What's Happening?
The KeyBank Foundation has announced a $300,000 grant to the Cities for Financial Empowerment Fund (CFE Fund) to support the expansion of the Youth Banking Connect (YBC) initiative. This initiative aims to provide young people with access to safe banking
products, direct deposit, and financial education through government-connected workforce programs. The three-year grant will enable the CFE Fund to expand its model beyond summer youth employment programs to reach young people participating in government-led workforce development opportunities. The initiative will provide technical assistance and support to at least 15 youth workforce programs nationwide, helping them integrate banking access and financial education into their operations.
Why It's Important?
This grant is significant as it addresses the financial inclusion of young people, a critical step in building lifelong financial habits. By providing access to safe banking products and financial education, the initiative aims to enhance the financial stability of young workers. The expansion of the Youth Banking Connect initiative is expected to increase the number of young people who open bank accounts and receive wages through direct deposit, thereby promoting economic inclusion and financial capability. This initiative aligns with KeyBank's commitment to advancing economic inclusion and financial wellness in the communities it serves.
What's Next?
The CFE Fund will host informational webinars to guide non-profits and workforce development programs on how to apply for the YBC Academy. These webinars are scheduled for July 22nd and August 13th. The initiative will continue to expand its reach to more youth workforce programs, aiming to integrate financial empowerment strategies into their operations. This expansion is expected to result in measurable increases in the number of participating youth who engage in financial education programming.
