Opportunities Account for Youth in Care
The Opportunities Account for Youth in Care (OAYC) pilot project is the result of a collaboration of a dedicated group of individuals and organizations working towards equipping youth in care with the financial literacy knowledge, skills and behaviour required for them to thrive as successful adults. Youth in care in Ontario are expected to demonstrate a certain competency in financial literacy and to develop an appropriate plan for the use of their savings before accessing their Ontario Child Benefit Equivalent (OCBE) Savings Program money, and leaving care at the age of 18. While this is an important objective, Children’s Aid Societies have been given little support to help youth develop their financial literacy knowledge, skills and behaviour to meet the requirements set out in the OCBE Savings Program. The Opportunities Account for Youth in Care program was developed to test one approach to filling this critical gap.