Despite Generation Y’s optimistic nature in regards to their financial capabilities and happiness, they struggle with managing their assets and...
Jul 08 2016
The Embedded Credit Union Model for Low-Income Teens
A systemic problem in many low-income, urban communities is the lack of accessible financial services. Low-income teenagers-in particular-are living in financial service deserts. Not only are there very few banks and/or credit unions in low-income communities, financial alternatives such as payday loan and check-cashing centers are thriving.
This research explores the expansion of credit union activities within schools or after-school programs serving unbanked or underbanked students. As a catalyst for this model, one Chicago-based organization has partnered with a local credit union to launch Money Locker, a credit union program for low-income teens. Money Locker physically brings the credit union to the students, embedded on site, reaching students where they are. Download the research brief below.
Report Number 411