STL Youth Jobs

STL Youth Jobs

We are empowering the hard working youth in St. Louis to get them started on the right foot.

Background

According to the FDIC's Economic Inclusion Survey, in 2013 29.3% of all Missouri households were considered either unbanked or underbanked while the national average was 27.7%. High unbanked and underbanked percentages often have a direct influence on the poverty level of a region.
In order to combat this trend, 1st Financial Federal Credit Union partnered with STL Youth Jobs for their Summer Youth Employment and Financial Capabilities Program to serve the underbanked population of St. Louis.

How we help

The Summer Youth Employment and Financial Capability Program employ's eligible youth between the ages of 16 and 24. Participants earn a competitive wage while building confidence, responsibility, references, soft skills, and financial literacy.

Since May of 2014, 1st Financial has taught financial empowerment courses during orientation while covering topics including building credit, how payday lenders work, and the importance of having a savings. Additionally, 1st Financial developed no fee checking and savings accounts specifically for STL Youth Jobs.

Results

The accounts are linked to debit cards to promote ease of use and encourage saving behavior by offering direct deposit and automatic allocations to savings accounts.

STL Youth Jobs participants have deposited over $44,767.57 into 1,374 accounts in 2015.

"At 1st Financial Federal Credit Union, we are committed to helping the communities we serve and we are honored to be part of a program that truly reflects the credit union philosophy of people helping people," said Tracy Verner, Community Development Manager at 1st Financial. "This partnership with STL Youth Jobs embodies our core purpose of helping people achieve their financial dreams through financial literacy and employment resources."

—Tracy Verner, Community Development Manager at 1st Financial

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