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  • Katie Huang

Show Us The Money!

When we talk about money, we might relate this to the bank, bank account, debit card, etc. You might also have heard about redlining, check cashers, and credit invisible. In CFPB(Consumer Financial Protection Bureau) report, over 80% of 18-19 years old are credit invisible. The percentage drops to 40% once they reach 20-24 years old (Stacy Weckesser). In other words, most young people do not have a credit history. Therefore, they can not buy a car or get a low-cost loan.

MyPath’s Youth POWER, a group that believes financial inequalities exist in our society. They created nine policy recommendations to help build youth financial access and economic inclusion. Here are three of them:

1. All youth should have access to quality financial education.

This means learning how to open a bank account and save and manage your own money. Youth are legal to work at age 16 in the U.S. But schools and adults won’t teach them how to put the check into a safe place. How to save and manage money for college. Youth financial education can provide the basic knowledge about opening a bank account with checking and savings accounts. It teaches youth how to set up a saving goal and split the money into saving and checking accounts. It also tells youth the harm of check cashiers and overdrafts.

2. Youth ages 18-24 who make big financial decisions should have access to a 1:1 financial coach or mentor.

Having the basic knowledge of saving and managing money is not enough. There’s still a long way to go. Youth need to have an excellent credit history of renting an apartment, buying a car, getting a low-cost loan, etc. It is always a challenge to open an unsecured credit card for the first time, especially you don’t have any credit history. Having a financial coach or mentor can help go over the step to applying for a credit card more quickly. Suppose you are getting double on using or even receiving a low credit score. The coach can give you suggestions and help you cope with the challenges of credit.

3. Youth have the right and power to create their policies.

Young people experience a lot of inequalities and discrimination. If young people are at the policy-making table, they can create a better future for all youth today! For example, youth can create a policy such as opening a non-custodial account (open a bank account without a parent or guardian).

If you want to learn more about the Bill of Rights, go to this website:

Questions and comments are always welcome!


Weckesser, Stacy, and About the Author: “New Study Reveals That 1 in 10 American Adults Are ‘Credit Invisible.".” Blue Water Credit, 11 May 1970,

Picture Sources from MyPath


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