White House advisory report provides youth savings tips

July 2, 2015

WASHINGTON (7/2/15)--A report released late Tuesday by the President’s Advisory Council outlines a number of tips young Americans can use to increase their financial capabilities.

In addition, the 68-page report examines ways that access to financial services can be improved for underbanked consumers and ways technology can be used to fill those gaps.

"All American children must be equipped with the knowledge and skills necessary to make smart decisions about their finances," the report reads. "This is a basic right that must be integrated throughout children’s Pre K-12 learning experience to assure that all youth in America have the tools necessary to make sound financial decisions that will allow them to pursue their dreams."

Recommendations in the report include:

  • Further simplifications of the Free Application for Federal Student Aid should be made, and volunteers and technology should be made available to help students complete financial aid forms and receive customized guidance on post-secondary options;
  • Federal student loan repayments should be more broadly communicated, in order to empower young people to apply and remain enrolled in sustainable repayment plans;
  • Allowing interested students to share academic information, such as test scores and transcripts, through technology that can deliver “meaningful and customized” information about post-secondary options;
  • Integration of youth job training and employment programs with financial education and access to safe and affordable transactional accounts at mainstream financial institutions;
  • Encouraging private sector partnerships with state, tribal and local governments in order to facilitate greater adoption of modern, real-time electronic payments solutions and best practices to help young people better manage, move and control spending; and
  • Promotion of child savings accounts and policies as a means to increase the likelihood of college attendance.