FDIC Releases Report on its Youth Savings Pilot and Launches New Network to Support Youth Savings Collaborations

Federal Deposit Insurance Corporation

550 17th Street, NW, Washington, D.C. 20429-9990

Financial Institution Letter

FIL-13-2017

March 28, 2017

FDIC Releases Report on its Youth Savings Pilot and Launches New Network to

Support Youth Savings Collaborations

Summary: The FDIC released a report on its Youth Savings Pilot program, which identifies promising

approaches to combining financial education with the opening of safe, low-cost savings accounts for school-

aged children. 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. Banks are invited to join the Youth Banking Network if they are interested

in information resources to support their school-based savings initiatives.

Statement of Applicability to Institutions under $1 Billion in Total Assets: This Financial Institution Letter

applies to all FDIC-insured institutions.

Distribution:

FDIC-Insured Institutions (Commercial and Savings)

Suggested Routing:

Chief Executive Officer / Chief Operating Officer/

Community Reinvestment Act Officer

Attachments:

Youth Savings Pilot Report

Contacts:

Luke W. Reynolds, Chief, Outreach and Program

Development, Division of Depositor and Consumer

Protection, lureynolds@fdic.gov or (202) 898-7164

Nicola Myers, Community Affairs Specialist,

Division of Depositor and Consumer Protection,

nmyers@fdic.gov or (202) 898-7174

E-mail:

youthsavingspilot@fdic.gov

Note:

FDIC Financial Institution Letters (FILs) may be

accessed from the FDIC's website at

https://www.fdic.gov/news/news/financial/2017/.

To receive FILs electronically, please visit

https://www.fdic.gov/about/subscriptions/fil.html.

Paper copies may be obtained via the FDIC's

Public Information Center, 3501 Fairfax Drive,

E-1002, Arlington, VA 22226 (877-275-3342 or

703-562-2200)

ov

Note:

FDIC Financial Institution Letters (FILs) may be

accessed from the FDIC's website at

https://www.fdic.gov/news/news/financial/2017/.

To receive FILs electronically, please visit

https://www.fdic.gov/about/subscriptions/fil.html.

Paper copies may be obtained via the FDIC's

Public Information Center, 3501 Fairfax Drive,

E-1002, Arlington, VA 22226 (877-275-3342 or

703-562-2200).

Highlights:



Linking Youth Savings with Financial Education: Lessons

from the FDIC Pilot, summarizes the experiences of 21

diverse participating banks during the FDIC’s two-year pilot,

in designing and implementing youth savings programs. It

identifies promising approaches and lessons learned from

combining traditional, classroom-based financial education

with the opportunity to open a safe, low-cost savings

account. The report defines a range of models that offer

banks flexibility to adapt to varying opportunities to promote

youth savings.



The FDIC is launching a Youth Banking Network to support

insured financial institutions with new and existing school-

based savings programs. The FDIC will support Network

participants by conducting periodic conference calls and

developing information resources on topics such as how to

engage parents of school-aged children.



Financial education and school-based savings programs

encourage savings habits at a formative age and have the

potential to promote economic inclusion for entire families.



To read the report or learn more about joining the Youth

Banking Network, visit the new Youth Banking resource

center at http://www.fdic.gov/youthsavings.