Cincinnati, Ohio Population: 296,943
Mayor Mark Mallory has been a champion for youth and financial empowerment since being elected to office in 2005. His accomplishments include the Mayor’s Summer Youth Jobs Initiative, which was launched in 2007 and employs 220 youth ages 14-24 through five city-sponsored programs. Mayor Mallory has also sponsored an annual jobs fair for youth ages 16-24 that engages employers offering year-round and summer jobs, youth employment resource agencies and community organizations that provide volunteer opportunities and enrichment programs. In 2010, more than 60 local businesses and organizations and more than 5,000 youth participated in the fair.
This year, the city partnered with a local credit union and financial education provider, SmartMoney Community Services, to incorporate financial education workshops into the mayor’s youth initiatives. At the job fair, youth had the opportunity to participate in a variety of interactive financial literacy activities, with the incentive of raffle prizes upon completion. Parents and youth ages 18 and older were also given the opportunity to open a bank account through the Mayor’s Bank On Greater Cincinnati initiative, a program that creates pathways to the financial mainstream for financially underserved residents.
Throughout the summer, the 220 youth employed through the Mayor’s Summer Youth Jobs Initiative were required to participate in four different financial education workshops designed specifically for youth. These sessions taught core financial skills, such as budgeting, banking basics, and taxes. The city also provided an incentive to encourage youth to save their earnings throughout the summer.
Pre-and-post tests showed that the classes had a positive impact on the youths’ perceptions about successful financial behavior. Ninety-seven percent agreed that they would “create a budget with their money because they know it will help them afford the things they want and need.” All participants believed that “setting goals can help them afford things that they both want and need in the future.”
According to Mayor Mallory, the summer youth jobs initiative gives youth two benefits: valuable work experience and extra earnings. Now, with the incorporation of financial education, youth are also learning how to manage those earnings more effectively. “Financial literacy is an essential part of any student’s education. As we are teaching students the value of work, we also need to teach them the value of responsible money management,” said Mayor Mallory.
For more information about the Mayor’s Youth Job Fair, visit the City of Cincinnati’s website . For more information about SmartMoney Community Services programming, visit www.smart-money.org
Leverage youth employment and job training programs to encourage financial empowerment: Local youth employment programs are an excellent venue for connecting youth to financial access opportunities. By offering financial education classes, financial mentoring, and bank accounts or other safe financial products to job training and youth employment program participants, cities can empower local youth. Initiatives such as Bank On Washington, D.C., partner with city summer youth employment programs to provide financial education. They also offered youth the option to receive their paychecks electronically on a prepaid debit card.
Promote Individual Development Accounts (IDAs) for youth: IDA programs allow youth to receive matched savings for asset-building activities such as education, entrepreneurship, the purchase of computers, and deposits for rent. Youth who participate in IDA programs not only build assets, but also receive financial education and develop good saving habits.
City leaders have raised awareness about existing IDA programs or partnered with philanthropic organizations or financial institutions to establish a matched savings component for an IDA program.
New York City, for example, partners with Citibank, Wells Fargo, the U.S. Department of Health and Human Services, and several community organizations to administer the Youth Financial Empowerment (YFE) program, a financial literacy and IDA savings program for youth transitioning out of foster care.
For more information about IDAs, visit the U.S. Department of Health and Human Services’ Assets for Independence Resource Center.
Promote Individual Development Accounts (IDAs) for youth: IDA programs allow youth to receive matched savings for asset-building activities such as education, entrepreneurship, the purchase of computers, and deposits for rent. Youth who participate in IDA programs not only build assets, but also receive financial education and develop good saving habits.
City leaders have raised awareness about existing IDA programs or partnered with philanthropic organizations or financial institutions to establish a matched savings component for an IDA program.
New York City, for example, partners with Citibank, Wells Fargo, the U.S. Department of Health and Human Services, and several community organizations to administer the Youth Financial Empowerment (YFE) program, a financial literacy and IDA savings program for youth transitioning out of foster care.
For more information about IDAs, visit the U.S. Department of Health and Human Services’ Assets for Independence Resource Center.











