C12.17 Employment Income and Financial Literacy

Legal Authority

Financial literacy for transition-age youth is integral to preparation for adulthood, and a key component of Chafee services.

Financial literacy refers to the knowledge and skills necessary to understand economic concepts and apply the acquired knowledge and skills to decisions related to budgeting, savings, debt management, and investment. Financial literacy is essential for making informed decisions about managing money and achieving future financial security.
Financial literacy alone does not prevent or alleviate poverty. An individual must first have adequate financial resources or income to which financial literacy knowledge and skills can be applied. For this reason, it is essential to address any barriers to gainful employment or future income potential as part of a comprehensive approach to financial literacy.

The SSW:

Follows procedures in C12.14 Career Exploration and Employment Readiness and Retention to assist the youth or young adult in accessing resources;
Ensures that the youth is assisted by their caregiver or service provider with structuring a budget after the youth obtains employment;
Ensures that young adults on extended commitment have completed a financial literacy course;
Includes expectations regarding creating and contributing to a savings account or program in the youth's or young adult's case plan or Transitional Living Support Agreement;
Ensures that youth or young adults are participating in a savings program through their transitional living program (TLP) or as described in their case plan or Transitional Living Support Agreement;
Notifies the children's benefits worker (CBW) when a youth obtains employment, as the youth's benefits or Title IV-E reimbursability and eligibility may be affected.

The Transitional Living Specialist (TLS):

Provides consultation to youth, young adults, and staff regarding financial literacy resources.