Bloomberg Visits the Bronx, Announces New Youth Program

Mayor Bloomberg visited the Citibank at Creston Avenue near Fordham Road earlier today to announce a new program that will provide financial education and support to youth "aging out" of the city’s foster care system.

The Youth Financial Empowerment (YFE) – a collaboration between Citibank and agencies including New Yorkers for Children, and the United Way of New York City - will begin this fall, offering money management skills and financial incentives to 450 kids in their late teens. For every dollar participants deposit into Individual Development Accounts, the program will invest $2.

The administration hopes to test whether the program’s bank accounts and supportive financial education will result in improved savings and higher rates of high school graduation, college enrollment and employment among these youth, said Deputy Mayor Linda Gibbs in a statement.