Funding will support the continuation and national expansion of the Economic Awareness Council (EAC)’s successful efforts that have helped over 12,500 primarily unbanked youth to use direct deposit, avoid overdraft fees, bank, and save in Illinois since 2010. The EAC leads a coalition of over 14 bank partners to highlight low-cost banking products with no overdraft, low minimums, and no fees, and works with the City of Chicago and the State of Illinois to teach low-income youth employees and foster positive youth banking habits. The proposed project would allow the EAC to meet requests from additional cities nationally and to expand its in-person, training, and online financial education work in Illinois. Support will also allow development of the EAC’s online and train-the-trainer program to include additional emphasis on avoiding predatory lending, overdraft fees, and debit/pre-paid debit card fees.
Economic Awareness Council
Banking Ready: Financial Capability for Youth Employees & Youth in Care in Underserved Communities
Consumer Financial Education Fund, 2019