Journal Article

Prize Linked Accounts for Youth (PLAY): a new approach to youth financial education and saving

Abstract: Mission SF Community Financial Center, a nonprofit affiliate of the Mission SF Federal Credit Union in San Francisco, CA, has developed an innovative approach to teaching youth financial education and encouraging youth to save by awarding a prize linked to their savings behavior. This article looks at the experiences of youth in the first year of the pilot program, and summarizes the pilot?s successes and challenges in providing financial education to youth and encouraging them to reach their savings goals. Although the first year pilot was small, the initial results are encouraging. Youth who participated in the program saved an average of $78 over three months, and also demonstrated increases in their financial knowledge and in positive financial behaviors.

Keywords: Financial literacy;

Bibliographic Information

Provider: Federal Reserve Bank of San Francisco

Part of Series: Community Investments

Publication Date: 2011

Volume: 23

Issue: Spr