Opportunity Passport

Summary

Opportunity Passport® is a financial education and matched savings program designed to help young people achieve success as they move from foster care to adulthood. Launched in 2003, it was developed by the Annie E. Casey Foundation’s Jim Casey Youth Opportunities Initiative® to address a need expressed by young people: a lack of opportunities to learn about finances and practice financial decision making while in foster care.

Today, Opportunity Passport continues to be a defining strategy of the Casey Foundation's Jim Casey Initiative and its nationwide network. Sixteen partner sites, including nonprofit organizations and child welfare agencies, work to ensure that young people in and transitioning from foster care have the relationships, resources and opportunities to ensure well-being and success.

The Opportunity Passport’s main components work together to provide young people:

• Financial Literacy Training – Participants complete Keys to Your Financial Future, a curriculum developed by the Jim Casey Initiative specifically for young people who have experienced foster care.
• Banking – After finishing the course, participants open a youth-friendly savings account at a local financial institution.
• Goal Setting – With guidance from a financial coach, participants establish goals that support their future and plan for expenses related to transitioning to adulthood from foster care.
• Matched Savings – Participants receive a dollar-for-dollar financial match from their Jim Casey Initiative partner organization for approved purchases. Eligible expenses include vehicles, housing, education or training, investments, small business or entrepreneurship, health, and credit building or repair. In some cases, participant-specific expenditures outside these categories may also be approved.

Since the launch of Opportunity Passport, more than 21,000 young people have learned how to set financial goals and save to achieve them. During nearly a quarter century of documented achievement, participating teens and young adults have saved more than $12.6 million.

As part of the program, Jim Casey Youth Opportunity Initiative sites match the young people’s savings. Since 2001, youth participants in Opportunity Passport have invested more than $30 million in matched savings in purchases that meet personal milestones tied to life goals. This includes buying cars, paying tuition or renting an apartment.