Seed Funder Citi Foundation Commits Additional Funding $3.5 million supporting the financial empowerment of summer employment programs for youth; the PNC Foundation and the Skillman Foundation join forces to advance the SJC initiative by Albuquerque, Pittsburghand Detroit
NEW YORK, June 20, 2022 /PRNewswire/ — Today, the national nonprofit Cities Fund for Financial Empowerment (CFE Fund) has launched the ninth summer of Summer Jobs Connect (SJC), which will provide more than 145,000 low-income youth in 25 cities with summer jobs and access to banking and financial education. Funder, the Citi Foundation, announced additional funding $3.5 million in support of the ninth year of the Summer Jobs Connect initiative; Since its launch in 2014, the Citi Foundation has invested nearly $40 million in this initiative, providing more than 800,000 low-income youth through 25 municipally-run youth summer employment programs with access to banking services and financial education, and employing more of 16,500 young people. In addition, the PNC Foundation announced its support for $295,000 to extend the Summer Jobs Connect initiative to Albuquerque, New Mexico and Pittsburgh, Pennsylvaniaand the Skillman Foundation provided $175,000 to support this work in Detroit, Michigan for a fourth year.
“For eight years, we have proudly worked alongside the Cities for Financial Empowerment Fund to create a movement across the United States to help provide summer jobs and financial education for young people,” said Brandee McHaleHead of Community Investment and Development and Chairman of the Citi Foundation. “Early employment experiences and access to financial resources provide young people with game-changing opportunities and set them on the path to long-term success.”
“At PNC, we are committed to helping the low- and middle-income communities where we operate thrive and prosper,” said Rey Ocañas, director of the community development bank of PNC Bank. “We are delighted that the CFE Fund is using this grant from the PNC Foundation to help support the economic empowerment and social mobility of residents of underserved and unbanked communities, including the 1,500 young adults who will now have the opportunity to participate in SJC initiatives by Pittsburgh and New Mexico.”
“As a children’s foundation, we are always attentive to the concerns of Detroit youth. They consistently express financial literacy and access to banking services is a need,” said Ashley Aidenbaumprogram manager for The Skillman Foundation. “We are happy to continue to support this excellent partnership to strengthen young people’s early work experiences and economic well-being.
This summer, new SJC partners include Albuquerque, New Mexico; Cleveland, Ohio; Pittsburgh, Pennsylvania; and Rochester, NY. These new cities join Baltimore, MD; Baltimore County, MD; Chicago, IL; Denver, CO; Detroit, Michigan; Houston, TX; Jacksonville, Florida; Los Angeles, CA; Madison, Wis.; Miami, Florida; Nashville, TN; New York, NY; Newark, New Jersey; Philadelphia, Pennsylvania; San Francisco, California; San Jose, California; St. Louis, Missouri; St. Paul, MN; Syracuse, NY; Virginia Beach, Virginia; and washington d.c..
The CFE Fund works with partner cities and counties to ensure that safe and affordable bank accounts are available to young people just as they arrange to receive their income, including through the creation of programs Summer Jobs Connect Youth Account Priorities. SJC cities and counties have partnered with more than 50 banks and credit unions that will open accounts for participants, including those under 18. Due to the COVID-19 pandemic, many programs will allow youth participants to choose between in-person and virtual employment opportunities, with some offering hybrid programs with in-person and virtual experiences. In summer 2021, nearly 50% of SJC participants were paid by direct deposit, the highest rate in program history; more than 14,000 participants have recently opened a safe bank account or credit union; and more than 120,000 participants received just-in-time financial education.
“Summer Job Connect has literally changed the way cities think about summer work experiences and the importance of connecting teens and young adults to safe and affordable bank and credit union accounts just when they can. use them,” said Jonathan MintzPresident and CEO, Cities Fund for Financial Empowerment. “Dozens of cities across the country are making it clear that a first job is also a first step into the financial mainstream. We thank the Citi Foundation for its generous seed funding and long-standing support of this work, and the PNC Foundation and The Skillman Foundation for joining this important effort.”
To launch the program, the CFE Fund today launched a mini-website, www.summerjobsconnect.org, which highlights the nine-year impact and success of the Summer Jobs Connect initiative. The CFE Fund also launched a #SummerJobsConnect social media campaign on Twitter, instagramand TikTok which will highlight the voices of young people and partners on the impact of Summer Jobs Connect throughout the summer.
Summer Jobs Connect leverages the infrastructure and “payroll moment” of municipal youth summer employment programs to integrate access to banking services and targeted financial education, serving as a national model for cities and other stakeholders on how access to banking efforts can be integrated into municipal systems. This is a central objective of the national program of the CFE Fund Bank on the initiative, which ensures that everyone has access to safe and affordable financial products and services. The CFE Fund is working with city and county partners to ensure the availability of safe and affordable bank accounts for young people, including those that can be opened online during the COVID-19 pandemic. Additionally, ten partner programs will include youth-led peer financial education; three partners will hire an adult financial coach to provide personalized advice to participants; and four partners will work with their local municipality Financial Empowerment Centers offer professional and individual financial advice to program participants over the age of 18.
This summer, the CFE Fund and its partners will invite thousands of young people across the country to participate in Summer Jobs Connect to share the program’s impact on their experiences opening a bank or credit union account, building a savings, compensation by direct deposit, etc. on social networks. This campaign – #SummerJobsConnect – will highlight first-hand insights into the impact of Summer Jobs Connect throughout the summer programs, including key program moments like financial literacy training, account opening bank or credit union, and more. This campaign follows successful campaigns in 2021, 2020, 2018 and 2017 to engage and amplify youth’s Connect Summer Jobs experience.
About the Cities Fund for Financial Empowerment (CFE Fund)
The CFE Fund supports municipal efforts to improve household financial stability by taking advantage of opportunities unique to local government. By translating cutting-edge experience with large-scale programs, research and policies in cities of all sizes, the CFE Fund helps mayors and other local leaders identify, develop, finance, implement and research pilots and programs that help families build assets and get the most out of their financial resources. The CFE Fund currently works in more than 100 cities and counties representing 75 million people, and has disbursed more than $59 million municipal governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.
SOURCE Cities Fund for Financial Empowerment