FDIC Releases Report on its Youth Savings Pilot — 2017-03-28

Launches New Network to Support Youth Savings Programs The Federal Deposit Insurance Corporation (FDIC) today released of a report on its Youth Savings Pilot program at a meeting of its Community Banking Advisory Committee. The pilot program identifies promising approaches to combining financial education with the opening of safe, low-cost savings accounts for school- aged children. Financial education and school-based savings programs introduce young people to financial concepts and services at an early age, and promote savings habits at a formative age. The report from the FDIC’s two-year Youth Savings Pilot is based on the experiences of 21 diverse participating banks. The report describes promising practices banks can use to develop or expand their own youth savings programs. “Offering financial education to school-age children opens the door to many opportunities and establishes the groundwork for a lifelong banking relationship,” FDIC Chairman Martin J. Gruenberg said.