Managing money can be an overwhelming task for many people and can be especially challenging for youth. Thanks to the Community Foundation of Greater Dubuque and Dupaco Community Credit Union, eight youth in foster care are learning the skills they need to achieve personal success through Opportunity Passport. Since youth in foster care often lack mentors for money management, they often leave the foster care system with basic financial skills. The program, open to Dubuque County youth between the ages of 16 and 24 and in foster care since age 14, includes a matched savings account for each participant. The savings account and financial coaching are provided by Dupaco.
The program includes ten hours of financial literacy training and plan to save for an approved asset. After the initial deposit of $100, participants can earn up to $1,000 from the Community Foundation of Greater Dubuque by meeting regularly with program advisors. Most participants use the funds for such things as buying a computer, a vehicle for work, or college tuition. Since the Opportunity Passport program began in Dubuque in 2008, it has helped nearly 40 young people to connect to mainstream banking and acquire real world experience with savings.
Many thanks to Community Foundation of Greater Dubuque and Dupaco!