Money Watch Q & A: Teen Savings Program
The My Path program, which started in San Francisco, recently launched at the Boys & Girls Club of Truckee Meadows. It helps teenagers learn essential money management skills. The 14 to 17-year-olds are hired on as Junior Staff at the club and they are encouraged to save 20% of every paycheck they earn. They open their own savings accounts with United Credit Union - with only their name on it so no one else can have access. Along with saving a portion of their paychecks, participants will also earn money for completing a series of in-person and online classes that focus on a variety of topics, like banking, debit and credit cards, “wants versus needs” and understanding your credit score. At the end of the eight week program, if the students meet their goal of saving $100, United Credit Union will match their $100 savings. My Path teaches teenagers the importance of taking ownership and responsibility of their own money.
Tina Colliver is the Director of Education at the Boys & Girls Club of Truckee Meadows. She will be our Money Watch Q&A guest tonight. To learn more about the program, who qualifies and how your child can get involved, call 858-2222 between 5-6 p.m. You can also reach the Boys & Girls Club at (775) 331-5437.