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Funding Principles

Promote Youth Financial Literacy

Funding Principles

Maximize Federal Funds

  • The Community Service Block Grant (CSBG) provides capacity-building assistance to local, state, and regional CSBG networks to establish, improve, or expand asset formation and financial service opportunities to eligible individuals and families.  Funds can be used to help former TANF recipients apply and receive EITC and other cash benefits, to ensure staff of CSNG-funded organizations are trained to provide free tax preparation services, provide financial literacy, help clients enter the financial mainstream, and assist families and individuals in investing in IDAs or other asset building opportunities.[1]
  • The Social Services Block Grant is awarded to states to meet social service needs of families and individuals.  States have flexibility in determining programs and services, and awards grants to nonprofits and community-based organizations, which can fund financial education and asset-building programs for young people.[2]
  • Temporary Assistance for Needy Families (TANF) provides assistance to needy families with children through child support and promoting job preparation and work.  States, territories, and all federally-recognized tribes are eligible to apply.  Funds are used to provide assistance for job preparation, work support, childcare, education and job training, transportation, and housing and wage supplements.[3]  These funds could be used to help young parents develop job skills and educational training, which are essential in building income and assets. 
  • The Assets for Independence Demonstration Program (AFI) is the only federally funded program targeted on Individual Development Accounts (IDA).  AFI grantees help individuals and families become economically self-sufficient, primarily through the use of IDAs, which enables them to establish a matched savings account.  Funds are used to match IDA contributions made by participants, up to $2,000 for individuals and $4,000 for families.  IDAs are restricted savings accounts and the savings may only be used to purchase a home, for business capital, or to attend higher education or vocational training.  Grantees may also use funds to provide homeownership counseling, entrepreneurship training, financial literacy training, tax preparation services, and career counseling.[4]
  • The federally funded Chafee Foster Care Independence Program (CFCIP) helps states, localities, and Indian Tribes establish and carry out programs designed to assist foster youth gain self-sufficiency.  Funds may be used to help foster youth transitioning to self-sufficiency, receiving education, training, and health services, obtaining employment, preparing for post-secondary education, providing personal and emotional support, and providing financial training, housing, employment, education and other appropriate services.[5] 
  • The Community Development Revolving Loan Fund (CDRLF) Program for Credit Unions helps to spur economic development in low-income communities by improving the efficiency of credit unions.  The CDRLF Program provides low-interest loans/deposits and technical assistance grants to qualifying credit unions serving low-income communities. States and federally charted credit unions with a low-income designation are eligible to apply.  Funds may be used for free income tax preparation, providing financial counseling and financial education courses, counseling small businesses, providing homeownership counseling, helping clients start IDAs, providing alternatives to predatory lending, providing bill pay services or purchasing new software or data processing systems.[6]  These funds can help young people establish a mainstream banking institution and the benefits of securing a bank account, as well as financial education and counseling. 
  • Youthbuild federal grants provide funding assistance for economically disadvantaged out-of-school youth.  Programs are designed to help young adults get the education and employment skills they need to achieve economic self-sufficiency, develop leadership skills and build commitment to community development.  Young adults ages 16-24 are eligible for benefits of the program.  Funds can be used for education and job training, leadership training, counseling and support services, homeownership assistance, entrepreneurial training, internships, driver’s education and financial literacy training.[7]
  • Workforce Investment Act (WIA) Youth Formula-Funded Grants support low-income youth ages 12-21 who face barriers to employment.  Funding helps to prepare youth for employment and post-secondary education.  WIA One-Stop Career Centers partner with local communities to provide youth activities and services.[8]
  • The U.S. Department of Treasury funds Community Development Financial Institutions (CDFI), which helps to promote access to capital and economic growth in urban and rural low-income communities across the nation.  Through various programs, the CDFI fund enables locally based organizations to further goals such as: economic development, affordable housing, and community development financial services.  Since 1994, the CDFI Fund has awarded more than $1 billion in financial assistance and technical assistance awards.[9]  These funds can help promote mainstream financial services for low-income youth. 

Utilize Public-Private Partnerships

  • J. P. Morgan Chase participates in global philanthropy in the areas of community development, education, and arts and culture.  In 2010, they gave more than $150 million in grants and scholarships.  Some of their funding specifically supports asset building, financial literacy, workforce development, and economic development for young people.[10]
  • Wells Fargo provides funding to organizations working to strengthen communities in the areas of homeownership, community development, education, and environment.  In 2011, Wells Fargo invested $213.5 million in 19,000 nonprofits nationwide.[11]  Youth can benefit from funding given for educational services and programs to schools and communities. 
  • The Bank of America Charitable Foundation partners with nonprofit organizations to strengthen communities by supporting homeownership, workforce development and education, financial education and empowerment, and supporting businesses.[12]  Young people can benefit from these funds for financial education and empowerment.  
  • U.S. Bank, through the U.S. Bancorp Foundation provides funding in the areas of education, affordable housing and economic opportunity, and artistic and cultural enrichment.  In 2011, U.S. Bancorp Foundation reached nearly $21.8 million in charitable contributions.[13]  Youth can benefit from funds given for educational services and programs. 
  • The ING Foundation awards grants to support financial literacy.  They are especially interested in programming that “empowers individuals to take control of their financial futures through education, financial literacy, and financial planning, with special attention to the needs of young people and minorities.”[14]
  • Citi Foundation supports economic empowerment and inclusion of low- and moderate-income individuals, including youth.  Their areas of focus include financial capability and asset building, microfinance, enterprise development, college success, youth education and livelihoods, neighborhood revitalization and disaster response.  In 2004, Citi invested $200 million 10-year commitment to financial education and in 2010, they invested another $20 million for financial capability and asset building programs.[15]
  • The Comerica Charitable Foundation provides funding in Texas, Michigan, California, Arizona, and Florida. Their funding priorities include economic self-sufficiency for low-and moderate-income individuals and families in the areas of financial literacy job readiness, job creation and retention, small business training and development and transitional and supportive housing.  They also support financial literacy programs at the K-12 and adult level.[16]

 Partner with Foundations

  • The W.K. Kellogg Foundation provides funding for “educated kids” and “secure families.”  They support programs to increase family stability, foster quality jobs, careers and entrepreneurship  and promote secondary achievement and financial independence.[17]
  • The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation provides funding for underserved Americans to support research and programs that build the knowledge, skills and tools necessary for financial success. In 2012, FINRA and United Way Worldwide gave more than $1.3 million in grants as part of the Financial Education in Your Community initiative.  FINRA and the American Library Association gave $1.2 million in grants as part of the Smart investing@your library® initiative to support grassroots financial literacy.[18]
  • The Calvin K. Kazanjian Economics Foundation supports projects to disseminate economic knowledge, to produce materials and information to boost economic literacy, and to promote teaching and learning of economic ideas for youth and adults.  The Foundation collaborates with other organizations, universities, institutions and government sources to provide matching grants.[19]

[1] The Finance Project.  (2012).  Federal Funding Source Profile: Community Service Block Grant and Technical Assistance Program: Earned Income Tax Credit (EITC) and Other Asset Formation Opportunities.  Retrieved from http://www.financeproject.org/fedfund/fedfund_view.cfm?id=403&keyword=financial%20literacy&agency=&eligible=&matchRec=99&level2=&level3=&type=

[2] Gray, A. (2007).  Asset-Building and Financial Education Programs for Youth Transitioning Out of Foster Care.  Connected by 25 and the Finance Project. Retrieved from http://www.f2f.ca.gov/res/TFPSBAsset.pdf

[3] The Finance Project. (2012).  Federal Funding Source Profile: Temporary Assistance to Needy Families.  Retrieved from http://www.financeproject.org/fedfund/fedfund_view.cfm?id=344&keyword=financial%20education&agency=&eligible=&matchRec=99&level2=&level3=&type=

[4] The Finance Project.  (2012).  Federal Funding Source Profile:  Assets for Independence Demonstration Program (AFI).  Retrieved from http://www.financeproject.org/fedfund/fedfund_view.cfm?id=261&keyword=financial%20literacy&agency=&eligible=&matchRec=99&level2=&level3=&type=

[5] The Finance Project. (2012).  Federal Funding Source Profile: Chafee Foster Care Independence Program.  Retrieved from http://www.financeproject.org/fedfund/fedfund_view.cfm?id=363&keyword=financial%20education&agency=&eligible=&matchRec=99&level2=&level3=&type=

[6] The Finance Project.  (2012).  Federal Funding Source Profile: Community Development Revolving Loan Fund (CDRLF) Program for Credit Unions.  Retrieved from http://www.financeproject.org/fedfund/fedfund_view.cfm?id=390&keyword=financial%20education&agency=&eligible=&matchRec=99&level2=&level3=&type=

[7] The Finance Project.  (2012).  Federal Funding Source Profile: Youthbuild.  Retrieved from http://www.financeproject.org/fedfund/fedfund_view.cfm?id=350&keyword=financial%20literacy&agency=&eligible=&matchRec=99&level2=&level3=&type=

[8] U.S. Department of Labor.  (2012).  Youth Services. Retrieved from http://www.doleta.gov/youth_services/

[9] Community Development Financial Institutions Fund.  (2012).  Overview of What We Do.  Retrieved from http://www.cdfifund.gov/what_we_do/overview.asp

[10] JP Morgan Chase.  (2012).  Global Philanthropy.  Retrieved from ttp://www.jpmorganchase.com/corporate/Corporate-Responsibility/corporate-philanthropy.htm

[11] Wells Fargo.  (2012).  Wells Fargo in the Community.  Retrieved from https://www.wellsfargo.com/about/csr/

[12] Bank of America.  (2012).  Global Impact.  Retrieved from http://about.bankofamerica.com/en-us/global-impact.html#fbid=a6sBcppMp7c

[13] U.S. Bank.  (2012).  Financial Genius.  Retrieved from http://www.usbank.com/community/financial-education.html

[14] ING.  (2012).  ING Foundation Grants.  Retrieved from http://ing.us/about-ing/responsibility/ing-foundation-grants

[15] Citi Foundation.  (2012).  What We Do.  Retrieved from http://www.citifoundation.com/citi/foundation/index.htm

[16] Comerica.  (2012).  Comerica Charitable Foundation.  Retrieved from http://www.comerica.com/about-us/community-involvement/pages/comerica-charitable-foundation.aspx

[17] W.K. Kellogg Foundation.  (2012).  What We Support.  Retrieved from http://www.wkkf.org/what-we-support/what-we-support.aspx

[18] FINRA Investor Education Foundation.  (2012).  Grants.  Retrieved from http://www.finrafoundation.org/grants/

[19] Calvin K. Kazanjian Economics Foundation. (2012).  About the Foundation and Our Focus.  Retrieved at http://www.kazanjian.org/about


The National Endowment for Financial Education (NEFE) provides financial education and practical information to individuals at all financial stages. NEFE helps consumers, educators, partners, and researchers by providing resources and materials, as well as a focus on collaboration and exploration on financial issues.  NEFE provides consumer resources, primary research, research funding, educational resources, the latest financial news, and various programs and initiatives



The Federal Reserve provides financial education resources and materials for students, teachers, and consumers including publications, interactive games, lesson plans, videos, online courses, and brochures.


The Federal Deposit Insurance Corporation (FDIC) offers a comprehensive financial education curriculum called Money Smartwhich is designed to assist low- and moderate-income individuals outside the financial mainstream build their financial skills and create positive banking relationships.  Money Smart has reached 2.75 million individuals since 2001.