Note: The MyPath Savings program was not responsive to the CEBC's inquiry. The following information was obtained from publicly available sources.
MyPath Savings has been reviewed by the CEBC in the following Topic Areas:
About This Program
Target Population: Youth participating in youth workforce programs
MyPath Savings is a banking and savings model that is designed to seamlessly integrate key financial capability components into youth workforce programs, including direct deposit, vetted youth-owned financial products (a checking and restricted savings account), a blended in-person and online financial education curriculum, and saving incentives. Youth participants are supported to open accounts, set a personal savings goal, set up direct deposit, use auto-split to save a designated portion of each paycheck, and incentives to meet their goal. MyPath provides workforce programs with the training and technical assistance they need to integrate these components into their existing program cycles.
Education and Training Resources
Publicly available information indicates there is
a manual that describes how to implement this program, and there is some training available for this program.
See contact info below.
Relevant Published, Peer-Reviewed Research
This program has been reviewed and it was determined that this program lacks the type of published, peer-reviewed research that meets the CEBC criteria for a scientific rating of 1 – 5. Therefore, the program has been given the classification of "NR - Not able to be Rated." It was reviewed because it was identified by the topic expert as a program being used in the field, or it is being marketed and/or used in California with children receiving services from child welfare or related systems and their parents/caregivers. Some programs that are not rated may have published, peer-reviewed research that does not meet the above stated criteria or may have eligible studies that have not yet been published in the peer-reviewed literature. For more information on the "NR - Not able to be Rated" classification, please see the Scientific Rating Scale.
Loke, V., Choi, L., & Libby, M. (2015). Increasing youth financial capability: An evaluation of the MyPath Savings initiative. Journal of Consumer Affairs, 49, 97-126. doi:10.1111/joca.12066
Type of Study: One group pretest-posttest study
Number of Participants: 275
- Age — 14-18 years (Mean=15 years)
- Race/Ethnicity — 50% Asian, 30% African American, 10% Latino, and 10% Other
- Gender — 59% Female
- Status — Participants were youth in the Mayor’s Youth Employment and Education Program (MYEEP) program.
Location/Institution: San Francisco, CA
Summary: (To include comparison groups, outcomes, measures, notable limitations)
This article examines the impact of the MyPath Savings pilot on economically disadvantaged youth participating in a youth development and employment program. Measures utilized include questionnaires regarding socioeconomic measures, financial knowledge and savings knowledge. Results indicate that MyPath Savings is highly relevant to participants’ needs. In addition, youth experienced significant increases in financial knowledge, financial self-efficacy, and the frequency with which positive financial behaviors were carried out. Participants also saved an average of $507 through MyPath Savings. Limitations include the lack of comparison group or randomization, the use of study-developed measures without established psychometrics, and the racial/ethnic disproportionality of the subjects.
Length of postintervention follow-up: None.
No reference materials are currently available for MyPath Savings.
Date Research Evidence Last Reviewed by CEBC: June 2016
Last CEBC Contact Date: May 2018
Date Program Content Last Reviewed by Program Staff: June 2016
Date Program Originally Loaded onto CEBC: June 2016