Working to transform the child welfare system.

SB 5824: Providing dependent youth with financial education and support

SSB 5824 states that the Department of Children, Youth, and Families shall develop a program to provide eligible youth with the ability to establish a self-controlled bank account with a financial institution with the help of any supportive adult. The Department must ensure that every eligible youth receives information about this program beginning at age 14. The Department shall also deposit a minimum of $25 per month into the eligible youth’s bank account. An eligible youth is a dependent youth ages 14 and up, including youth in extended foster care, and remains eligible to pen a bank account with the financial support of the department until the dependency proceeding is dismissed. To develop the implementation plan for this program, the Department shall convene a group of stakeholders to ensure statewide access to high quality, developmentally, and culturally appropriate financial education to dependent youth aged 12 and up.