Many students have income from part-time jobs or allowances, but no way to save.
There is very little access to financial institutions in Chicago’s low-income neighborhoods—teens are living in financial service deserts.
THE OPTIONS FOR MOST TEENS NOW ARE:
THE DANGEROUS AND DYSFUNCTIONAL CYCLE OF PAYDAY LENDING LOCATIONS
AND CHECK CASHERS RESULT IN:
WHY DON’T TEENS HAVE BANK ACCOUNTS?
WHEN GIVEN DIRECT ACCESS TO FINANCIAL SERVICES:
TEENS SAVE MORE
Especially if “savings” accounts are separate from “spending” accounts.
TEENS GAIN CONFIDENCE
They feel a greater sense of empowerment, autonomy, and control.