MyPath Savings

Note: The MyPath Savings program was not responsive to the CEBC's inquiry. The following information was obtained from publicly available sources.

About This Program

Target Population: Youth participating in youth workforce programs

Program Overview

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

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

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

Population:

  • 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.

Additional References

No reference materials are currently available for MyPath Savings.

Contact Information

Lauren Larin
Website: mypathus.org/mypath-savings
Email:
Phone: (415) 206-0846 x11
Fax: (415) 992-4463

Date Research Evidence Last Reviewed by CEBC: June 2016

Date Program Content Last Reviewed by Program Staff: June 2016

Date Program Originally Loaded onto CEBC: June 2016