Ka Wai Ola - Office of Hawaiian Affairs, Volume 33, Number 9, 1 September 2016 — Financial literacy program helps foster kids transition to adulthood [ARTICLE+ILLUSTRATION]

Financial literacy program helps foster kids transition to adulthood

ByTreenaShapiro Teenagers who grow up in foster care often age out of the system without learning how to open a bank account, build credit or save for expenses like rent and college tuition. Effective Planning and Innovative Communication (EPIC) 'Ohana's Opportunity Passport program was launched to fill these gaps in hnaneial literacy, focusing on money management, personal banking and saving for large purchases. One incentive to participate is $140 for completing the course and survey. Meanwhile, a matched savings account offers a eompelling reason to stay with the program through age 26 as asset purchases are matched up to $1,000 a year with a $3,000 eap. Keola Limkin, 25, is such a believer in EPIC 'Ohana's mission that he not only took advantage of Opportunity Passport on Hawai'i Island, he also joined the Honolulu staff as a youth partner who advocates for keiki at 'ohana eon-

ferences that help determine the best course for at-risk families. Limkin spent his final two years of high school in foster care, where he had strong support from his foster dad and the Salvation Army's independent living program. However, Limkin still needed guidance when it eame to his

finances so when a staff member from EPIC 'Ohana reached out to him in 2010, he seized the opportunity. "I learned a lot about credit and, of course, different types of bank accounts. I think credit was a big thing because I didn't understand it before and I didn't really get that background from my mom or other parents," he said.

The matched savings benefit has helped Limkin six times: he paid off his credit card twice to help build his credit; he bought a '99 Chevy S10 truck and later a '99 Ford Ranger; he used savings to pay for a mattress when he moved to O'ahu and he also paid for some of his textbooks. Before he turns 26, he also plans to buy a Mae laptop to

use in his graduate studies at UHWest O'ahu, where he'll pursue a masters degree in social work. "I want to work with families," he said, adding, "I'm very passionate about working with young adults." So far about 560 youth across the state have participated in the

hnaneiai iiteracy program-about 60 to 65 percent of them Native Hawaiian. EPIC 'Ohana has resources to help even more youth who have spent at least one day in foster care after turning 14. Part of the Jim Casey Youth Opportunities Program, Opportunity Passport is open to youth age 17 to 26, a time when they're preparina to

move out of foster care and take on responsibility for their bills and expenses. Since only 45 percent of those who finish the course go on to participate in the matched savings part of the program, EPIC 'Ohana is starting to offer refresher courses to remind eligible youth that they ean get help paying for big pur-

chases, says Jeanne Hamihon, Hawai'i Youth Opportunities Iniīiative Coordinator. She notes some participants might not realize how important the benefit is at age 18 but by time they reach 21 or 22, many might appreciate the help covering auto expenses, housing, education, medical bills and start-up costs for a microenterprises. "In Hawai'i, for all the time we've been operating, about 33 percent goes to vehicles, about 34 percent to post-secondary education and training and about 23 percent of matches go toward rental housing," Hamihon said. Allison Schuler, hnaneial eapability coordinator for EPIC 'Ohana, said one participant from Hawai'i Island used the matched savings to invest in a diving gear and a spear gun that he's used to earn money fishing. She'd really like more eligible youth to be aware of the resource. "You're going to have a lot of needs that eome up and we ean assist with some of those," she says. EPIC 'Ohana received a $33,350 grant from the Office of Hawaiian Affairs and is also supported by Bank of Hawai'i, Hale Kipa, Maui Youth and Family Services, Child and Family Service, Hale 'Ōpio and Salvation Army. To learn more about the services EPIC 'Ohana provides to foster youth and their families, visit www. epicohana.info. ■

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EPIC 'Ohana's hnaneial literacy programs for youth who have spent time in foster care offer important lessons in money management, along with a matched-sav-ings program that helps participants pay for asset purchases like cars, security deposits and higher education. - Photo: Courtesy