Please visit www.myoifund.org for more information:
QUICK FACTS
- MYOI serves current and former foster care youth ages 14-24 years old. The program is in 27 sites around Michigan.
- Over 1,100 youth have participated, since 2002. Every youth participant has an Individual Development Account (IDA) that they save their money. The youth are matched 1:1 for every dollar they save up to $1000.00 towards a long term asset.
- MYOI youth are required to complete eight hours of financial literacy training.
Why MYOI is important
For most people, complete independence by age eighteen is a myth. Studies show that most young adults are financially dependent on their parents until their late twenties. In addition, most young adults rely on their family for emotional support through out their life. Imagine if you were eighteen years old and had to independently navigate the world of adulthood including finding a place to live, learning the college application and financial aid process, paying bills, understanding banking and credit, and understanding medical care and health insurance. How would you have managed without the safety net of family? For many of our youth, this could be their reality.
The Michigan Youth Opportunities Initiative (MYOI) is a partnership between the Michigan Department of Human Services, the Jim Casey Youth Opportunities Initiative and the Oakland Livingston Human Services Agency. MYOI serves current and former foster care youth, 14-24 who are transitioning out of the system by developing leadership, advocacy and financial skills to support long term success. These goals are accomplished through Individual Development Accounts, youth boards, and trainings.
Individual Development Accounts
The Individual Development Account (IDA) is a matched savings account. Each MYOI participant is provided an IDA where they can earn a 1:1 match for every dollar they save in their account up to $1,000 a year. The match may be used for various assets like housing, education, transportation, medical costs, micro-enterprise and long term investments. Individual Development Accounts give youth in foster care a chance to attain long term assets such as stable housing or an education. For example, Jason was able to use his IDA account to purchase a car to transport him to his job everyday. Without this match Jason would not have been able to get to school or hold a steady job.
Youth Boards
Youth boards serve as the leadership and advocacy arm of MYOI. Youth are trained in leadership, media and communication skills. Youth boards are a platform for youth to support one another while providing opportunities to share information on community resources. Informed youth advocates are critically important in promoting child welfare improvement in Michigan.
Training
Training opportunities are provided to youth to encompass asset purchases, life skills, and preparation for adulthood. Training includes housing, employment, education and health and community engagement. Trainings are provided in each site by local community partners!
How You Can Help
Over the seven year partnership, MYOI has learned the biggest gap in services is for youth 21 – 24 years old who have recently aged out of foster care. This population loses state and federal funding opportunities for foster youth, yet are the most likely group to need the IDA matched asset purchase opportunity. Funding for 21-24 year old matched purchases is essential to the success of youth transitioning out of foster care.
MYOI needs your support to help sustain individual development account funds for older youth. As young people work hard to save for their future their accounts must continue to be matched to ensure long term success.
One hundred percent (100%) of MYOI donations go directly to supporting youth participant’s IDAs. Contributions are tax deductible and you will receive your receipt electronically. Please visit www.myoifund.org and click on How You Can Help, to make your donation today. Youth are counting on us to give them a chance at achieving their goals and giving back to their community by advocacy and volunteering. If you want to contribute to a specific MYOI site, please note the name of the county in the memo line when you make your payment. A list of sites is provided on the donation page. We appreciate your support!
