A bill to provide youth in foster care with financial literacy skills and support passed the Senate Monday.
Senate Bill 5591, sponsored by Sen. T’wina Nobles (D-Fircrest), directs the Department of Children, Youth, and Families to develop a program to provide youth in care, ages 14 and up, with the ability to establish a private, self-controlled account with a financial institution prior to exiting the system. The agency would deposit at least $25 into that account, per month.
“Improving the foster care system requires equipping our youth with the skills they need to thrive independently, especially financially,” Nobles said. “By providing opportunities for financial literacy education and access to banking, we’re offering them a pathway to secure their future and face the challenges of transitioning out of the system with confidence.”
The bill now moves to the House for consideration.
$25 a month? Are you kidding me?
How is this to be funded? Where does the DCYF get the money to fund each person $25 per month? This sounds like a state-funded “allowance” for children/adults to the age of 21. Who monitors the spending of this money? Are there any limitations as far as what the money can be spent?
How is this $25/month kept from ballooning higher?
“At least $25 a month” magically showing up in your bank account is not a path to financial literacy.
Proposing such a thing is not leadership.