MyPath partners with workforce development programs and financial institutions to help young adults improve their financial health. The MyPath Savings program engages youth when they are earning their first paychecks – a strategic time to establish sound financial habits – and provides them access to financial products, actionable guidance and incentives to meet personal savings goals. The program has achieved remarkable results and serves as a proven model for youth banking and savings.
In 2011, the approximately 200 youth enrolled in MyPath saved almost $240,000 in total.To enhance the scalability of the program, MyPath brought on a team of technologists and youth themselves to design and test an online platform to engage and educate participants. The project received funding from the Center for Financial Services Innovation’s Financial Capability Innovation Funds. A partnership with a collaborative of funders led by the Citi Foundation, the Funds provided support to innovative projects designed to help low-income and underserved consumers adopt positive financial behaviors.