Summer Jobs Connect
Since 2014, the City has partnered with MyPath, and the San Francisco Federal Credit Union to open bank accounts for youth and young adults as they enter the workforce. This work is part of Summer Jobs Connect, an ambitious initiative spearheaded by the Citi Foundation and the CFE Fund to support young adults seeking summer employment, enhancing these municipally-led programs by integrating structural linkages to safe and appropriate banking products, services, and education.
A summer job is not only a critical milestone in a young person’s career, it is a key milestone in their financial life as they earn their first paycheck. Without access to an account, youth often use check cashers or corner stores to cash their paychecks, taking a financial hit to access their hard-earned money and creating reliance on predatory services to meet their financial needs. Using check cashers instead of a bank account can cost a low-income, full-time worker more than $40,000 in fees over the course of their career.
Banking can be nearly impossible for young adults who are not yet 18. Banks and credit unions typically require that youth under the age of 18 open a “custodial” account owned by a parent or guardian. San Francisco Federal Credit Union worked with the Office of Financial Empowerment to develop safe and affordable non-custodial youth accounts. The Department of Children Youth and Families integrates financial capability within the youth employment programs they fund. And MyPath, a national nonprofit focused on paving economic pathways for low-income youth, supports account opening and provides financial education and training for youth and nonprofit staff. Together, the program offers a powerful delivery channel to provide financial tools and information to youth as they start their first job, giving them a real shot at economic mobility.
If you are between the ages of 14-24 (or the parent of a young person) looking for paid employment experience, check out these resources to get started on your own path to financial success: