Key Bank Foundation allocates US$300,000 to support financial inclusion education for youth across the United States
The KeyBank Foundation announced a $300,000 grant to the Cities for Financial Empowerment Fund (CFE Fund), a national nonprofit organization, to support the national expansion of its Teen Bank Connect program. The three-year investment will help more young people gain access to secure, affordable bank accounts, direct deposit services and financial education through government-led workforce development programs. The grant will help CFE Fund expand its service model from summer youth employment projects to broader government youth workforce development programs. Through the academy model, the program will provide technical assistance and support to at least 15 youth workforce projects across the United States within three years, helping them integrate financial strategies such as bank account opening and financial education into daily operations. The CFE Fund anticipates that this will significantly increase the proportion of participating youth who open bank accounts, use direct deposit, and participate in financial education. "For many young people, their first paycheck is an important opportunity to develop lifelong financial habits," said Eric Fiala, CEO of KeyBank Foundation. "By partnering with CFE Foundation, we are helping more young people access secure banking products, receive their paycheck via direct deposit, and gain the financial knowledge they need to build their future." Over the past decade, CFE Fund’s youth banking business has helped more than 180,000 young people open their first bank account and more than 600,000 young workers receive their wages through direct deposit. The newly launched "Youth Bank Connect" program will build on this success and benefit a wider group of young people aged 14 to 24. Jonathan Mintz, president and CEO of CFE Fund, noted: "The first job can be a turning point in a young person's life; combining this experience with safe banking services and financial education can have a lasting impact on lifelong financial stability." The program mainly serves low- and moderate-income youth, many of whom are earning income for the first time and are not yet banked. By establishing bank connections early in employment, it aims to promote long-term financial potential, saving habits and economic mobility. The academy is now open for applications to nonprofits and workforce development programs.