Bill > S04063

This bill establishes a comprehensive program through the Office of Children and Family Services to help foster children develop financial literacy and independence. The program will create independent development savings accounts for foster children over 16, with specific restrictions such as limiting withdrawals until the account reaches $2,000 or one year has passed, and requiring in-person withdrawals at financial institutions. The bill mandates that foster children attend financial literacy and independent living classes covering topics like banking, credit, investing, and securing housing and employment. Financial institutions will be encouraged to partner with the office to match funds deposited into these accounts, and public and private entities can provide financial incentives for foster children who participate in educational activities. The program will include entry and exit surveys to assess changes in participants' financial knowledge and attitudes, and the Office of Children and Family Services will conduct annual evaluations and submit reports to state leadership. The goal is to help foster children develop financial skills and savings to support their transition to independent adult life.

Education

https://www.nysenate.gov/legislation/bills/2025/S4063