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| Ranking |
Effective Practice |
| Description |
Juma Ventures provides low-and-moderate income youth with opportunities to transition out of poverty through employment and asset building. Juma launched the U.S.'s first Individual Development Account (IDA) program for youth in 2000. Through this program, Juma provides incentive-based savings accounts for youth to save toward college and other future goals, provides financial education that develops money management skills, and then matches youths' savings when funds are used for college, starting a small business, or purchasing a home. Participants are required to complete financial literacy training before opening IDA accounts, and then attend monthly investor club meetings focusing on their particular asset building goal. The curriculum used is designed to creatively engage participants. |
| Goal / Mission |
The IDA program is designed to help young people enter the financial mainstream, gain financial stability and build assets. |
| Results / Accomplishments |
To date, Juma's youth participants have opened more than 540 IDA accounts, saved more than $783,000 of their earnings toward future plans, and accessed more than $960,000 in matching funds toward asset purchases. In 2009, Juma's high school seniors in the Bay Area had a graduation rate of 100%, compared to 46% in Oakland and 73% in San Francisco. More than 90% of these seniors were college-bound. |
| Categories |
Economy / Investment & Personal Finance
Economy / Poverty
Economy / Employment
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| Organization(s) |
Juma Ventures |
| Source |
Finance Project |
| Date of Publication |
Sep 2005 |
| Date of Implementation |
2000 |
| Location |
County: San Francisco |
| Primary Contact |
Juma Ventures
131 Steuart St., Ste. 201
San Francisco, CA 94105
(415) 371-0727
info@jumaventures.org
http://www.jumaventures.org/
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| For more details |
http://www.jumaventures.org/about/facts/
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| Target Audience |
Children |
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