Projo Biz Blog

PROVIDENCE, R.I. -- Citizens Bank has named the Rhode Island Foster Parents Association its 2009 Third Quarter Champion, and has awarded the nonprofit with a $25,000 grant for its ASPIRE savings program, officials announced Tuesday.

ASPIRE, which stands for Aligning Savings Permanency Information Resources and Empowerment is a savings program for youth aged 14 to 24 who are transitioning out of foster care. It is open to youth who have spent at least one day in the state foster care system.

The program gives these youth an opportunity to learn how to manage their money while on the road to financial independence. ASPIRE offers a 12-hour financial literacy class over a four-week period, at select locations, covering a variety of topics ranging from practical banking skills to investing, to becoming a knowledgeable consumer.

The class also teaches these youth how to save up for purchase asset, such as a car, housing or education.

Upon completion, ASPIRE, through Citizen's Bank, starts participants off with a statement savings account and $100 of seed money. Every year, ASPIRE matches every dollar the youth saves, up to a $1,000 match toward a purchase.

The ASPIRE program evolved from the Jim Casey Youth Opportunity Initiative, a program to help foster care children aging out of the system make the transition to managing their own lives and finances.

In 2005, Rhode Island was among 10 sites chosen to launch this initiative and had received a started grant of $300,000. To date, ASPIRE has helped 333 youth and has matched $180,000 to purchase 230 assets.

 Tags  Citizen's Bank Jim Casey Family Services Providence Rhode Island Foster Parents Association RI

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