Knoxville TVA Employees Credit Union has helped jumpstart savings among those in foster care.
The Knoxville, Tenn.-based credit union has teamed up with Child and Family Tennessee, the Department of Child Services and the Jim Casey Foundation to teach practical financial management skills to foster care youth through the Project Now program.
With a focus on how to effectively manage money and save, the program provides kids the knowledge and tools to succeed in life independently.
According to Shantel Standefer, Project Now coordinator, one out of five foster youth become homeless after the first year because they don’t know the basics of managing money.
“We’re hoping to help foster youth transition from foster care into independent living. We do that by teaching budgeting and savings. The financial aspects that are necessary to succeed in becoming independent.” said Standefer.
The children set up an account through TVA CU where they can save for a car, housing, investments, school or medical expenses. For every year they are in the program; Project Now will match their savings up to $1,000.