By Dustin Tyler Joyce
April 6, 2009

Leaders in Quincy (IL) realized they were on to something when they decided to teach youth employed by the city’s parks department about their paychecks and wise personal financial management. “Here we had all these youth excited to be out of the classroom for the summer. They were working at a job and earning money, many for the first time,” recalls Quincy Mayor John A. Spring. “We realized it was a tremendous teachable moment—an ideal time to instill financial literacy and a sense of responsibility.”

Building on this success in Quincy, the Mayors’ National Dollar Wi$e Campaign has launched its first'annual Summer Youth Campaign to invite mayors to incorporate financial education into their cities’ summer youth jobs programs.

This year, many cities and their workforce development boards will receive additional funding for summer youth jobs—$1.2 billion nationwide—through the American Recovery and Reinvestment Act (ARRA). “We believe this is an excellent opportunity to teach kids what is in their first paycheck, encourage them to establish a savings goal, and educate them on how to open a savings or checking account,” said Louisville (KY) Mayor Jerry Abramson.

Abramson is one of the many mayors who have already committed to incorporate financial education into the summer programs. Mayors are encouraged to act quickly, since planning for many youth jobs programs has already begun.

Dollar Wi$e suggests that mayors focus the financial education component of their jobs programs on:

• Teaching youth about their paycheck.

• Establishing a savings goal.

• Introducing youth to the importance of having a savings and/or checking account.

Dollar Wi$e also recommends that all cities participating in the Summer Youth Campaign incorporate a session on personal financial management into the orientation for the summer jobs program. Further participation is not required, but is highly recommended. Options include ongoing financial education throughout the summer, either through classes or some form of independent study, such as electronic or online curricula. An end'of'summer celebration of the youths’ progress is also suggested.

“The more we can help these youth learn from these summer jobs, the better,” stated Yuma (AZ) Mayor Larry Nelson. “And I can’t think of anything better for these youth to take away than an increased knowledge of how to manage their hard'earned money.”

Nelson continued, “The opportunity is there for us. Now it’s up to us to figure out how to be creative and make it happen and make it effective.”

For more information on the Dollar Wi$e Summer Youth Campaign, call 202'861'6759, send e'mail to dollarwise@usmayors.org, or visit www.dollarwiseonline.org.