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February 2022Vol. 23., No. 1Personal Finance Resource for Youth Exiting Foster Care

resource curated by MoneyGeek, a website created to make personal finance more "approachable and accessible" to everyone through free content and tools, provides expert input and guidance aimed at ensuring the successful financial futures of youth exiting foster care.

The webpage utilizes infographics, call-out boxes, and bullets to convey information in a digestible format, organized into three sections:  

  • Financial roadblocks and solutions: Five financial challenges specific to youth leaving foster care, outlined below, and the best solutions to overcome each are presented and include:
    • Inability to attend or afford higher education
    • Inconsistent financial role models
    • Economic hardships
    • Higher levels of unemployment and lower annual earnings
    • Absence of a family safety net
  • Expert advice on education and finances: Three experts—an educator and advocate, a financial advisor, and a guardian ad litem and life coach—weigh in on 11 questions, such as:
    • What are the challenges facing youth transitioning out of foster care?
    • Are there certain scholarships and/or grants for which youth transitioning out of foster care qualify?
    • What are some ways foster parents can teach youth about finances and financial planning before they emancipate?
  • Resources for youth who transition out of foster care: A variety of resources, including links to organizations, programs, tools, and educational games, are listed by topic:
    • Financial services and programs
    • Tuition assistance, scholarships, and grants
    • Technical tools, games, and apps
    • Job search support
    • Community support and advocacy organizations
    • Transition resources
    • Independent living and housing assistance