Young Adults in Tech Thrive During Covid-19
Restoration Partnership Spotlight: NPower
This October, Restoration started our second year of providing financial literacy services to NPower, a tuition-free program that trains underserved individuals (18-24) for careers in IT. It has been a remarkably successful partnership, in which the students have eagerly taken advantage of the training we have to offer. Even under the strain of Covid-19, the young adults of NPower are staying the course of financial empowerment: paying down their debt, helping their parents financially, and aggressively building savings funds. Photo at right of students in the NPower webinar.
In November 2019, Ms. Franklin led a workshop attended by a total of 52 students. Of the 52, Of that total, 45 were met with individually for one-on-one, in-person and telephone counseling. Restoration provides free, one-on-one professional financial counseling as part of the Center for Personal Financial Health. Most of the students completed a budget and reviewed their credit report with a financial counselor. Although most of them already had bank accounts, 2 individuals have opened a bank account through financial counseling, 8 people reduced debt with an average of $1,139 per person; 10 have increased their credit score, with an average increase of 45 points, 8 people have increased their savings for a total of $1,729. Eight participants joined our Brooklyn Saves Campaign, where enrollees in Saverlife are matched with $60 saving $20 a month for six months. Brooklyn Saves is a campaign to have 1,000 Brooklynites amass $400 in emergency savings. Learn more about Brooklyn Saves:Here.
Financial counselor Pilayne Franklin explained: “During Covid-19, the commitment of the NPower students has not wavered, they are focused and highly motivated. They do not want to fall into the same financial traps as some of their family members and peers. We are reaching them in the beginning of their financial lives. We already see they have built habits that will last through generations.”
A one-time financial literacy workshop has turned into an ongoing productive partnership where young people become knowledgeable and motivated about successfully managing their finances. Amanda Aguilar-Oliver, Alumni Engagement Specialist at NPower says:
“At NPower, our students and alumni have learned learned so much, like how to stick to their budget, review contracts before accepting terms and save consistently; I have noticed an increase in their overall self-esteem now that they have the knowledge to make savvy financial decisions and can pass this knowledge onto others in their community.”
“I learned a lot from the training. I opened up a credit card with Discover and only use 30% of the money on my credit. Also, I learned to set up a budget plan and to start saving money for future investments/emergencies. I appreciate “ -- Oscar, NPower student.
Restoration’s free financial counseling is more important than ever in these uncertain times, go to nyc.gov/talkmoney and choose free phone counseling with Bedford Stuyvesant Restoration Corporation and take advantage of this resource.