The IEL-led National Collaborative on Workforce and Disability for Youth recently released two new briefs to improve youth financial capability. One brief focuses on what families can do and the other brief is targeted directly to young people, including those with disabilities.
“Developing Financial Capability Among Youth: How Families Can Help” provides suggestions and resources on how to talk with youth about money and assist them to learn and practice financial management skills through their interactions at home. Families have an important role to play in young people’s development of financial capability. Financial knowledge and habits developed in the teen and young adult years can have a lasting impact on their future.
“Taking Charge of Your Money: An Introduction to Financial Capability” is designed to help youth learn some of the basics of earning, saving and investing, spending, borrowing, and protecting your money. This brief is a starting point for learning about and developing financial capability so that young people can make smart decisions about managing your money now and in the future.
The U.S. Department of the Treasury defines financial capability as “the capacity, based on knowledge, skills, and access, to manage financial resources effectively.”