SectorBOOST is a financial security ecosystem initiative in partnership with JobsFirstNYC and supported by the Pinkerton Foundation and New York Community Trust that will bring financial coaching services to young adult job seekers in at organizations from JobsFirstNYC’s Young Adult Sectoral Employment Project (YASEP). The ecosystem is expected to reach more than 900 young adults, ages 16 to 24, over the next two years and to build the capacity of participating organizations to deliver similar coaching services in the future.
The organizations participating in Cohort One are:
- The Knowledge House
- Phipps Neighborhoods Career Network
- Roundabout Theater Company
- Stanley Isaacs Neighborhood Center
Young adults today face a myriad of challenges. While the number of young people who are out of school and out of work has decreased since the recession, financial insecurities among this population persist. Furthermore, despite a tightening labor market, wages for young adults have not risen beyond regulatory increases to the minimum wage. For some young adults who contribute to their household income, this increase could unexpectedly trigger a drop in public benefits or affect earned income tax credit status.
As part of SectorBOOST, The Financial Clinic will train workforce development practitioners at partner sites to identify financial insecurities among young adult participants and provide critical supports, such as creating spending plans, calculating financial transaction costs, referring participants for free tax preparation services, pulling credit reports, and organizing debt. The Clinic will also assign a full-time financial coach to the organizations. This coach will be charged with tackling more complex issues, such as reducing debt, improving credit scores, and saving consistently.
SectorBOOST Kickoff Event in New York City
Over the course of the initiative, partner sites will participate in a series of organizational development workshops designed to embed financial security strategies into each organization’s program model, and will track project data to inform long-term policy solutions for young adults.
“The Financial Clinic’s genesis has always intersected with workforce development and the ability of financial security strategies to accelerate outcomes specific to the workforce development field. The opportunity to implement our Financial Security Ecosystem model and amplify programs that target young adults represents a new milestone for the alignment of our two fields within human services.” — Mae Watson Grote, Founder and CEO of The Financial Clinic
“Holding a job falls short of what it could be if you don’t know how to manage your money. That’s why the coaching provided by The Financial Clinic is such an exciting new addition to the Young Adult Sectoral Employment Project. Learning the important real-world lessons taught by the Clinic’s team will not only better prepare participants for full-time work but increase their chances of staying employed and building careers.” — Laurie Dien, Vice President/Executive Director for Programs at The Pinkerton Foundation.
“As young adults are increasingly reliant on part-time, low wage work, we need to adopt strategies that provide them with long term financial security. We are committed to helping build the capacity of our YASEP partners who are working to build pathways to family-sustaining careers for young adults, and are pleased to be working with The Financial Clinic to further build the capacity of our partners to support young adults’ financial security.” — Marjorie Parker, President and CEO of JobsFirstNYC.
SectorBOOST is made possible by a generous grants from the Pinkerton Foundation who supports community-based programs for children, youth and families in economically disadvantaged areas in New York City, and New York Community Trust who connects past, present, and future generous New Yorkers with vital nonprofits working to make a healthy, equitable, and thriving community for all.