Make Your Path (MY Path™) June 7, 2013 Federation Annual Meeting Delivered By: Margaret Libby,...
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Transcript of Make Your Path (MY Path™) June 7, 2013 Federation Annual Meeting Delivered By: Margaret Libby,...
![Page 1: Make Your Path (MY Path™) June 7, 2013 Federation Annual Meeting Delivered By: Margaret Libby, Executive Director Mission SF Community Financial Center.](https://reader035.fdocuments.us/reader035/viewer/2022070307/551b544f550346ae7a8b544a/html5/thumbnails/1.jpg)
Make Your Path (MY Path™)June 7, 2013
Federation Annual Meeting
Delivered By:Margaret Libby, Executive Director
Mission SF Community Financial Center
![Page 2: Make Your Path (MY Path™) June 7, 2013 Federation Annual Meeting Delivered By: Margaret Libby, Executive Director Mission SF Community Financial Center.](https://reader035.fdocuments.us/reader035/viewer/2022070307/551b544f550346ae7a8b544a/html5/thumbnails/2.jpg)
Mission SF Community Financial Center: Overview
PRESENTATION OVERVIEW
1. Mission SF Introduction
2. Make Your Path (MY Path™) Design and Results
3. MY Path Lessons and Next Steps in 2013
Mission SF Community Financial Center
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Mission SF Community Financial Center: Overview
• Mission SF positions low-income youth to take control of their personal finances by ensuring they have:
1. Access to quality financial products;2. A working knowledge of personal finance best practices;3. A social support system to develop and sustain sound
financial habits.
• When we do this, we promote upward economic mobility and cultivate a stronger, more sustainable economy.
Mission SF Purpose
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• Reach people that are not being well-served
• Reach them through strategic partnerships where they are
• Bundle services to maximize client outcomes
• Evaluate process and impact outcomes on an ongoing basis
• Keep scale in mind
• Develop and share best practices and lessons with field
Mission SF Core Strategies
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Municipal youth employment programs represent a powerful channel to reach millions of youth from underbanked and unbanked households.
• 34% of youth ages 16-19, and 55% of youth ages 16-24 are in the labor force (US Bureau of Labor Statistics, 2012)
• 40+ million youth are ages 15-24 years (Census, 2010)
• No system in place to link them to accounts, financial capability and savings structures
The MY Path Opportunity
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Financial Services Access In San Francisco
Bayview
Mission
Excelsior
Presidio
South of Market
Western Addition
Haight Ashbury
Presidio Heights
§̈¦280
§̈¦80
£¤101
£¤101UV280
UV280
UV280
UV280
Silver
Euclid
Hill
Banks & Credit Unions
Check Cashers & Payday Lenders
FINANCIAL SERVICES
ACCESS
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Saving and Economic Mobility
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• Engage youth in the financial
mainstream the moment they receive their first paycheck
• Build financial capability through hands-on experience budgeting and saving their first income stream
• Shift youth aspirations as they set and meet personal savings goals
• Spur economic mobility through establishment of savings behaviors and college savings
MY Path Overview
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MY Path: Behavioral Economics
Make It Automatic – Program enrollment
Make It Easy – Direct deposit and auto-deposit
Loss Aversion – MY Path savings matches
Power of the Pack – Peer influence and support
Pre-set Decisions – MY Path savings contract
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Three Types of Outcomes
• Financial knowledge – JumpStart
• Financial behaviors – budgeting, tracking expenses, savings
• Youth development – future orientation, self-efficacy, control
MY Path: Data Driven Programming
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MY Path Partners, 2011-13
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• Ten Partner Sites 280 youth each year from ten community based organizations implementing the San Francisco Mayor’s Youth Employment and Education Program (MYEEP)
• Income Over half (58%) were from households receiving public assistance, 26% living in public housing, and 86% with annual incomes below half of San Francisco’s median income.
• Age 9th and 10th graders, average age of 15 years.
• Ethnicity 41% African American, 34% Asian/Pacific Islander, 18% Latino, and 7% declining to state
MY Path Participant Profile, 2011-13
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MY Path Impact, 2011-13
• Over 500 MYEEP participants have opened accounts.
• Over $450,000 in savings, this year over $1,000 per youth!
• MY Path Savings, 2012-13 • Over Half (59%) met their 6-month goal.• Youth saved $238,000 in their MY Path Restricted Accounts, an
average of $500 per youth. • In “transactional” bank account, over $100,000 in additional,
“passive savings,” or $500 per youth!
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Financial Practices and Behaviors
MY Path Impact, 2011-12
.0
.5
1.0
1.5
2.0
2.5
3.0
3.5
2.5
2.0
2.62.6
2.9
2.5
3.03.2
Pre Post
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MY Path Lesson 1: Technology for Scale
Challenge: In-person content delivery with geographically disparate sites is time and resource intensive.
Solution: Develop online content delivery platform and implement a Train-the-Trainer model so that youth at each site can lead peer learning sessions.
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MY Path Lesson 2: Incentivize Saving and Other Financial Behaviors
Challenge: Financial incentives for deposits effectively nudged participants to save, but did not promote other financial behaviors such as budgeting and tracking expenses.
Solution: Expand incentive structure to reward not only savings, but also other sound financial behaviors.
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Challenge: Some youth participants have their own bank accounts and agencies want flexibility in financial product offerings.
Solution: In close partnership with Community Trust, offer restricted MY Path savings accounts to all, and regular savings accounts with ATMs to those who want them.
MY Path Lesson 3: Flexible Savings Products
Typical Youth Paycheck
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MY Path 2013-14: Up to 600 More Youth!
• 20 new San Francisco youth employment site partners.
• MY Path restricted account at Community Trust for their savings, and a second account for paycheck balance
• Up to $160 per youth to incentivize key financial behaviors.
• Online interactive financial education platform alongside in-person engagement at program sites, facilitated by site staff and MY Path Youth Coaches.
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MY Path™ 2013-14 Project Design
Accounts Direct Deposit
Savings Default
Savings Goal Rewards
Online Financial Education
In-person Reflection
High Touch X X X X X X
Low Touch X X X X X
Accounts + Savings Default
X X X X
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Hear Directly From MY Path Savers
IMANI City Hall, Supervisor Avalos
MY Path Goal: $480 just to saveEnd Total with Matches: $730
PEDRO Columbia Park Boys & Girls Club
Goal: $470 for collegeEnd Total with Matches : $720
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Margaret Libby, Executive [email protected]
Vishnu Sridharan, MY Path Director415-206-0846 x18www.mission.coop
MY Path Working Paper available at the Federal Reserve Bank of San Francisco’s website: Increasing Financial Capability among Economically Vulnerable Youth: MY Path.