The Summer 500 program has kicked off this year with hundreds of Savannah/Chatham County youth working in summer internships. Hundreds of young adults have entered the workforce for the first time. Summer 500 gives these teenagers a chance to understand and build their financial awareness. For the majority of the students, this will be their first paycheck ever. During the first week of the program, the students took classes focused on workplace safety, workplace communication, and financial education.
The students are urged to have a bank account and utilize direct deposit as a safe and convenient way to receive their paychecks. This program has partnered with the Cities for Financial Empowerment (CFE) Fund’s Summer Jobs Connect (SJC) initiative in an effort strengthen the integration of banking access into the Summer 500 program. Step Up issued a request for proposals for financial institution partners using the SJC youth account standards. Two institutions were chosen as the official partners of the Summer 500 for their ability to create special accounts that met the national standards. South State Bank and Members First Credit Union have designed special accounts that do not offer overdraft, are non-custodial, and can be opened off-site (among other features). Both institutions were able to be present at the Summer 500 orientation to open accounts and present financial education topics. South State Bank and Members First Credit Union have recognized that this type of account in imperative for young adults entering the workforce for the first time. Since the kickoff of Summer 500, there have been 151 accounts opened for participants, with many youth opening both checking and savings accounts.
Step Up looks forward to building upon these relationships and learning from the experience this year to further increase the integration of banking access into the program next year.
The CFE Fund’s twitter campaign has a competition every week and awards three individuals with prizes. CFE will distribute amazon gift cards and even an iPad during the Summer Jobs Connect program. During the first week, a student from Savannah was one of the first chosen for a prize. See Chris’s entry and plan for his first paycheck here. You can learn more about Summer Jobs Connect here.