With the generous support of Citi Canada funding, the Children’s Aid Foundation has been able to support the Pape Adolescent Resource Centre’s (PARC) Financial Literacy Training and Pre-Employment Program for at-risk youth involved with the child welfare system. The program offers a practical money management and pre-employment curriculum for youth ages 16-24,living in Toronto and the Greater Toronto Area. Specifically designed to assist young people who are transitioning to independent living from foster care, and faced with the often overwhelming reality of budgeting and financial independence, the in-person program, which runs for one night over the course of 15 weeks, aims to help vulnerable youth build stability.
“I feel more comfortable about spending money and using my credit card.” – Financial Literacy Training program participant.
From learning how to pay rent, to budgeting for groceries, building good credit scores, and starting a savings account, participants are encouraged to think critically about their finances and invest early. Many youth in care are not taught these practical skills throughout their childhoods, and once they transition to independent living, are completely unprepared for the financial realities of adulthood. This can result in dependence on social services and even homelessness.
Thanks to the support of Citi Canada, these youth are developing their money management skills and confidence to make the right financial decisions today, and in the future.
“I learned to save my money and budget my money wisely.” – Financial Literacy Training program participant.