PLAY (Prize-Linked Accounts for Youth) is an incentivized savings program that encourages children to set and achieve savings goals linked to personal goals. PLAY savers participate in three interactive financial workshops; set 6-month savings goals; and are eligible to win prizes when they meet their savings goal. PLAY savers receive a specialized savings account from Mission SF’s credit union partner Community Trust Credit Union. There are no fees associated with the account.

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Mission SF’s vision for PLAY—that youth will continue to PLAY, saving for things that keep them focused on academic and personal goals while building a savings habit. Adeline (pictured right) is seven years old and she wants to be a veterinarian when she grows up.  With the support of Mission SF’s youth trainers, she has set and achieved not one, but two 6-month savings goals! After her first PLAY savings cycle, Adeline signed up to do it again to save for a cage and food for her guinea pig.

To learn more about PLAY or enroll a child you know, please contact Jessica Leal by email or by phone at (415) 206-0846 or check out this ABC News segment and this article in Mission Loc@l.

MY Path is an incentivized youth savings program that familiarizes participants with basic banking skills and valuable financial concepts such as building savings and earning interest.  MY Path connects youth with mainstream financial products through our credit union partner Community Trust and with hands-on financial education delivered by Mission SF’s youth financial educators. MY Path participants open Mission SF PLAY savings accounts, set 3-6 month savings goals with support from Mission SF youth financial educators, and are eligible to win prizes when they achieve their savings goal. MY Path accounts have no fees, do not require parental permission or a social security number to open.

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Mission SF’s vision is for MY Path to link low-income youth workforce development program participants with savings accounts and savings incentives toward setting them on a path to financial well-being while they are earning their first paychecks.

Mission SF is currently testing MY Path through a partnership with the San Francisco Mayor’s Youth Employment and Education Program (MYEEP) to link its 300 participants with the skills and opportunities they need to wisely manage their income and take key steps toward financially security and economic mobility. MYEEP participants at 10 community sites across the city are participating in MY Path-- opening savings accounts, setting personal savings goals, participating in peer-led financial education and making deposits toward their goals. Stay tuned for updates and youth saver profiles.

 

To learn more about MY Path, please contact Jessica Leal by email or by phone at (415) 206-0846 or click here to read about MY Path featured in a national publication that highlights innovative community practice.

Mission SF supports a team of community youth who provide interactive financial workshops most often for groups participating in PLAY or MY Path. Workshops cover topics such as saving, budgeting, needs versus wants, the different types of financial institutions, and getting involved to improve financial services in our community. At Mission SF, we believe it is more effective for youth rather than adults to deliver messages about spending and saving to their peers, and our evaluation data demonstrates that youth are powerful messengers.

Results:
-Since 2009-10, Mission SF’s youth financial educators have served as the youth training arm for Bank on San Francsico’s financial education services program.

-Mission SF’s youth financial educators program was featured as a best practice in the Federal Reserve Bank of San Francisco’s 2009 Working Paper about financial services in San Francisco.

-New America Foundation covered Mission SF youth financial educators in 2010 in this video.

Contact Celina Ramos-Castro by email or by phone at (415) 206-0846 to learn more about Mission SF's Youth Financial Educators Program or click here to read more.

 

Mission SF operates the Youth Credit Union Program (YCUP), California's first youth-run credit union. The YCUP offers regular savings accounts and specialized PLAY savings accounts for youth up to age 18, as well as leadership apprenticeship opportunities. All youth accounts supported by Mission SF, including MY Path and PLAY savings accounts, are managed by YCUP tellers and volunteers.

Hear what youth have to say about the YCUP:

• Sadaf helped found the YCUP when she was 8 years old. She credits the YCUP with the fact that she graduated from U.C. Berkeley debt-free!




• Stephanie was the YCUP Manager for two years. She credits the YCUP with helping to motivate her away from what she calls the wrong track and onto a path to college. According to Stephanie, “YCUP is special because it is about the youth running things. We want to give everyone opportunities and access, whether you have money or not. You can see people develop savings habits as they come make more deposits into their savings accounts.” The skills and knowledge she has gained through her participation have had a major impact on her family. Stephanie’s mother opened her first savings account after nearly 15 years living in the U.S. and her younger sister opened a savings account. Stephanie now attends City College and plans to eventually transfer to San Francisco State; she will be the first in her family to attend college.
  

Contact Jessica Leal by email or by phone at (415) 206-0846 us to open a youth account or apply for a youth staff position today.