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Giving Allegheny County's Young Adults
a Fresh Start for the Future
Founded by FHLBank Pittsburgh, My Money, My Life is a free, neighborhood-based way to help our young people avoid the financial traps that make it more difficult for them to buy their first home and save for the future.
Held at convenient locations after school (with free dinner), My Money, My Life instructs young adults ages 16 to 19 in the basics of setting financial goals, understanding credit, appreciating risk, saving, investing, consumer spending, managing debt, avoiding predatory lenders and choosing insurance. Two NeighborWorks instructors teach each club with the support of sponsoring bank representatives. Approximately 20 students participate in each club.
Graduates who attend at least 80 percent of the 14-hour curriculum are eligible for a fee-free savings account with an initial $100 deposit provided by a local community bank. In addition, parents, guardians and caregivers attending our graduation ceremony receive a certificate to enroll in a financial literacy/homebuyers club or receive credit restoration counseling at no cost.
My Money, My Life is actively supported by Allegheny County, eight area banks and a savings and loan association. NeighborWorks Western Pennsylvania administers the program. During its first five years, My Money, My Life expects to create brighter futures for at least 1,000 young people and their families.
My Money, My Life Marks End of Fourth Year with Record Number of Graduates
NeighborWorks Western Pennsylvania and the Federal Home Loan Bank of Pittsburgh (FHLBank) reported in December 2008 that a total of 194 at-risk young people in Allegheny County graduated from the free financial literacy program.
As in the three prior years, 2008 graduates displayed significantly enhanced understanding of financial concepts and skills based on self-evaluations conducted before and after classes. Students demonstrated:
- A 110 percent increase in understanding the costs associated with buying on credit.
- A 138 percent increase in understanding costs associated with using payday lenders.
- A 70 percent improvement in personal use of a spending plan or budget.
- An 84 percent increase in writing goals for managing money.
Graduates of My Money, My Life received an initial $100 deposit from participating banks into fee-free savings accounts to help them save for the future.
“My Money, My Life is a great investment for the future. It showed me ways to be more responsible with my money and spending. It is very helpful to my college life,” said Sequala Thomas, 19, a McKees Rocks class graduate. Added Ennis Davis, 16, a Clairton class graduate: “This class taught me a lot and I will never forget the NeighborWorks Western Pennsylvania staff.”
Ten beginner’s classes set for 2009
A total of ten beginner’s classes are being scheduled for various locations across Allegheny County during 2009. Several advanced classes will also be held. Families interested in learning more about this year’s schedule should contact Courtney George, program manager, at 412-281-1100 x121.
In addition to support from participating banks, Allegheny County , the Citizens Bank Foundation, Dominion Gas, the Heinz Endowments, Mellon Charitable Foundation, POISE Foundation and State Sen. Wayne Fontana also provide underwriting for My Money, My Life. JobCorps provides academic, vocational and skills training to the graduates at no cost.
To learn more about how My Money, My Life can make
a difference in your life or the life of a loved one, simply complete this brief
questionnaire:
My Money, My Life thanks the participating banks
who are making a significant commitment to their neighborhoods
through their time, labor and financial resources.
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