National Credit Union Foundation Is Accepting Applications for Foster Youth Education Grants Through August 20

Posted by Alyse Knudsen on July 24, 2024

The National Credit Union Foundation is now accepting applications for the Foster Youth Education grants, a program that supports credit unions in fostering financial security and independence for children in foster care.

The Foundation has $173,000 in available funding for credit unions of any asset size that have a desire to build programs designed to support children in foster care by establishing basic knowledge in budgeting, credit, and banking solutions.

“Children often absorb information by watching their parents’ financial decisions and behaviors. If parents demonstrate responsible money management, such as budgeting, saving, and avoiding excessive debt, children are more likely to adopt similar practices as they grow up,” explained the Foundation. “On the other hand, if parents struggle with money or display irresponsible financial habits, their children might internalize those behaviors as well.”

For youth in the U.S. foster care system, this learning opportunity may not be available. With over 400,000 children and youth in the foster care system, this is a large population that needs financial education support.”

Eligible credit unions will have the ability to open savings accounts and checking accounts for this demographic while also providing timely financial education and well-being information for youth in preparation for aging out of the foster care system.

The Foundation’s objective with this funding is to achieve the following impact:

• If youth in foster care receive training on basic financial education skills, will this improve their financial health and resilience at the time of aging out of the system (e.g. – habit of savings, an account, access to affordable credit)?
• If youth in foster care are provided with the ability to open savings accounts, will this encourage savings behaviors and provide this demographic with a financial safety net once they turn 18?
• What impact does improving financial health in this demographic have on other economic barriers such as housing and access to education?
• What planning resources/advice is needed to help participating institutions take concrete action and have an impact on this at-risk population?

The Foundation is looking for credit unions of any asset size who are willing to stand up programming and products to serve this demographic. Credit unions can apply by using the links below. Once applications are received, assessed, and approved, the Foundation will divide available funding amongst qualified participants.

This grant effort will run through September 2025. Total funding of up to $173,000 is available and will be applied to credit unions once a finalized work plan is provided.

The deadline for applications is close of business on Tuesday, Aug. 20. Click HERE for more information.

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