Foster Children, Caregivers Learn Financial Lessons from AECF, NEFE Effort

Foster children lack a traditional family support network, so they often grow up without learning important financial lessons and insights that can serve them for a lifetime.

“Foster youth live in an artificial world with regard to money,” said Brent Neiser, CFP®, NEFE director of Collaborative Programs. “The world of money may carry emotional issues and can be challenging for these youth to comprehend.”

To reach out to this special population, NEFE used a grant from the Annie E. Casey Foundation (AECF) to create a series of five financial education booklets for foster children and their caregivers. According to Neiser, the project evolved out of a national foster care awareness project and zeroes in on the importance of a financial education early on in life. The booklets and their respective topics include:

Money Pals: Being Cool with Cash—Parts One and Two, Children ages 8–11. Part One lists the three basic uses for money and explains how money can help a person achieve what he or she wants, provided that the individual makes sound financial choices. Part Two discusses how to comparison shop, reasons to keep a spending diary, and the importance of sharing and helping friends and family.
I Know Where I’m Going (But Will My Cash Keep Up?)—Parts One and Two, Young Adults ages 12–15. The first booklet explores the concept of money as a tool, the reader’s attitudes about money, the importance of saving, and the benefits of establishing bank accounts instead of storing cash or depending on check-cashing stores. The second installment focuses on the future, re-emphasizing the need for long-term planning. It provides an exercise that helps youth evaluate their skills and interests in preparation for employment.
Caregiver’s Handbook. The handbook applies both to the Money Pals and I Know Where I’m Going booklets. It includes advice for parents, caregivers, and social workers on helping children build their money skills. The book also provides lists of frequently asked questions, as well as potential activities and field trips.

Connie Dykstra, AECF publications coordinator, said, “We were able to reach a population that otherwise doesn’t have financial education materials provided for its specific needs. The results have been wonderful. This is one of our best success stories.”