Financial Education and Access to Savings

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Financial Education and Access to Savings
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New Economic Rights for All (New ERA) purpose is to raise awareness about the dangers and risks of using payday lenders and introduce alternatives. We want everyone to have the same economic rights no matter your age, gender, ethnicity, financial status or where you live. We want to spread the word about the evils of payday lending, and wish to see it be regulated, so that working class and low-income people won’t end up getting stuck in the debt trap. New ERA was developed to support Mission SF’s efforts to promote financial education, understanding financial options and building wealth. We agree that youth should have access to job opportunities to obtain skills to prepare them for their future. We believe pairing job experience with financial education and access to financial institutions is essential. Financial Education: Having access to financial education is really hard for teens. Most youth, if not all, don’t get any type of guidance when it comes to money at home or school. We believe all youth should have access to financial education such as understanding: • Differences between needs and wants • Budgeting • Goal Setting • Understanding Financial Institutions Access to Financial Institutions: Through participating in New ERA, we have discovered that many youth currently working do not have access to savings accounts leading them to use predatory services like Check Casher to cash their stipend or paycheck. Youth end up losing a lot of money paying fees and are less likely to save. We think jobs hiring youth should offer information about financial institutions and promote direct deposit to get youth excited about savings. We think incentivizing savings works, such as match savings or prize-linked savings. If we do not offer youth financial education and access to basic savings accounts, we might be leading youth to make bad financial decision and use predatory services, now and as adults. For more info: http://mission.coop/about_missionsf.html