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PYN News Article

Philadelphia Youth Network Receives Barra Award & Funding for YES Initiative


Category: PYN | Dec 17, 2015

The Barra Awards

On December 8, PYN was recognized by the Barra Foundation with an award given to nonprofits that exhibit leadership, performance and adaptability.

This year, 40 organizations—the 2016-2017 Barra Awardees—have been selected to receive $50,000 in unrestricted funding over a two-year period. In addition to financial support, awardees become members of a diverse network of organizations from the fields of arts and culture; education; health and human services and are provided with opportunities to connect, think creatively and share ideas.

To learn more about this esteemed award, visit the Barra Foundation.

The YES Initiative

Also in the month of December, the Philadelphia Youth Network received funding on behalf of the Consumer Financial Protection Bureau (CFPB) towards The Youth Employment Success (YES) initiative, which provides targeted technical assistance to 24 municipalities across the country, helping them to integrate financial knowledge and skills-building services into existing year-round youth employment and training programs.

The goals of the YES initiative include increasing the number of youth who: are able to open affordable transaction accounts; have access to age appropriate financial education; and can start saving for their future. The initiative also aims to get an assessment of the financial picture for youth who are part of our most vulnerable populations.

Each participating municipality has an individualized community plan outlining how that community will integrate financial capability services into its youth employment program. The plan includes strategies for engaging youth, training staff, and engaging financial institutions and other community partners.

The CFPB is the nation’s first federal agency whose sole focus is protecting consumers in the financial marketplace. The CFPB’s Office of Financial Empowerment works to empower low-income and economically vulnerable consumers, including low-income and disconnected youth, to make informed financial decisions, by providing them with tools and information and by promoting a more inclusive and fair financial marketplace.

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