97% 100% 96%

TWO-YEAR STUDY DEMONSTRATES

MyPath Savings Works

STUDY OUTCOMES FROM BOTH GROUPS (MyPath Savings and MyPath Savings + Peer Coaches Group)

The Federal Reserve Bank of San 

Francisco recently published Boosting 

the Power of Youth Paychecks: 

Integrating Financial Capability into 

Youth Employment Programs1

, a Working 

Paper that summarizes the results of 

the first-ever quasi-experimental design 

study of a youth financial capability 

initiative in the country.

The study included 375 young people 

ages 16-21 years old participating 

in youth workforce and employment 

programs operated by ten nonprofits 

in partnership with San Francisco’s 

Department of Children, Youth and 

their Families. MyPath provided the ten 

nonprofits with technical assistance 

and training to prepare them to 

implement MyPath Savings. MyPath 

also provided technical assistance to 

financial institution partner, Self-Help 

Federal Credit Union, to ensure the 

two accounts youth received were 

aligned with MyPath’s Youth Banking 

Standards.

Two scalable versions of MyPath 

Savings were tested against a 

comparison group. Both treatment 

groups received an in-person 

orientation, two accounts, direct 

deposit, a savings contract, and three 

online, money management modules. In 

addition, one treatment group also had 

Peer Coaches trained to lead in-person 

activities and discussions related to the 

online content.

The data analyzed and presented below 

was gathered through pre- and posttest surveys, transaction data from 

our financial institution partner, youth 

savings contracts, and online financial 

education platform usage data.

Low-Income Working Youth Participants Bank, Save, and Build Financial Confidence.

More likely than comparison group to have increased confidence 

to carry out basic financial behaviors (i.e., saving, budgeting, spending) 

Of youth participants ENROLLED

into savings accounts

SET a personal savings goal, 

using a savings contract

MET their savings goal $66,500

Total Youth Savings

More likely than comparison group to have 

increased financial knowledge of core financial 

concepts

More likely than comparison group to report 

increased usage of sophisticated financial 

management behaviors

MYPATH SAVINGS + 

PEER COACHES GROUP 

3-5X

9X

11X

1

Funded by the Center for Financial Services Innovation and Citi Foundation, the study was conducted by Vernon Loke of Eastern Washington University with support from Laura Choi of the Federal 

Reserve Bank of San Francisco, Trina Shanks of University of Michigan, Margaret Sherraden of University of Missouri - St. Louis, and Michael Sherraden of Washington University - St. Louis.

34%

Of income 

SAVED
1 Both models produce powerful outcomes: Both scalable models increase youth financial capability, including banking, 

saving, and money management. Adding Peer Coaches boosts financial knowledge gains, and is best suited for longer 

programs.

2 Blending in-person and online education is effective to engage low-income working youth. The blended model provides 

an effective mix of scalability and impact. Technology can help scale programs, while the in-person activities cement 

learning and action.

3 Young people bank and save when given the opportunity, but need youth friendly accounts in order to do so. The high 

take-up and account enrollment rates reflect the strength of using the MyPath Youth Banking Standards with partner 

financial institutions to reduce youth barriers and maximize enrollment.

4 Youth workforce staff and settings differ from classroom settings and require different curricula. MyPath Savings’ 

action-based curriculum is tailored for youth workforce and employment staff and settings: it is shorter and designed 

to give youth earning their first paychecks a positive experience banking and saving for the first time.

Key Lessons From the Study

MyPath Savings is a comprehensive model that 

brings together city agencies, youth workforce and 

employment programs, nonprofits, and financial 

institutions to combine first paychecks with banking 

and saving access. Through participation in this 

initiative, youth participants (ages 14 - 24) have 

access to a combination of banking and savings 

tools, and innovative online and in-person financial 

education. MyPath Savings supports youth to build 

personal savings, and turn their paychecks into a 

pathway for upward economic mobility.

u Tools to design initiative strategy, 

including needs assessments, internal 

policy templates, and guidance to 

support youth, such as direct deposit.

u 6 hours of training for line staff on 

MyPath Savings curriculum, including 

goal setting and basic banking.

u Technical Assistance to identify, 

select, and negotiate with Financial 

Institutions to ensure financial products 

are youth-appropriate and enrollment 

processes reduce barriers.

u Ongoing technical support and 

training from MyPath staff via webinars 

and calls. 

u Data collection and evaluation tools, 

including tested pre/post surveys, and 

focus group questions. 

To learn more, please visit 

MyPathUS.org, or contact our Director 

of Strategy, Sabrina Kansara directly 

at Sabrina@MyPathUS.org.

THE MYPATH SAVINGS MODEL

MyPath is a national nonprofit focused on paving economic pathways for low-income youth. Our vision is for every working low-income young person to 

have the chance to transform their first paychecks into upward economic mobility pathways. To this end, we engineer effective models, share what works, 

and advance policy change. When we do this, we cultivate a stronger, more sustainable economy for generations to come.

How To Bring MyPath Savings to Your Community — 

Strengthen Your Youth Employment Program Outcomes 

MyPath offers all the technical assistance (TA) and training city agencies, youth workforce and employment programs, 

nonprofits, and financial institutions need to successfully implement MyPath Savings, including:

SAVINGS AND 

SPENDING 

ACCOUNTS

SET A PERSONAL 

SAVINGS GOAL

AUTO-SAVE 

THROUGH DIRECT 

DEPOSIT

PEER DESIGNED 

FINANCIAL ACTIVITIES

(IN-PERSON 

AND ONLINE)

Powering youth potential, seeing economic mobility.

2430 Mission Street, San Francisco CA 94110 | (415) 206-0846 | (415) 922-4463 fax | MyPathUS.org