Nationally, 20,000 youth per year will age out of foster care over the next decade, leaving the system at high risk for homelessness and delinquency. To assist their transition to independent living, New York City has launched a five-year pilot program that will provide 450 foster kids about to age out of the system with individual development accounts or matched savings accounts. For every dollar they save, the city will match it with two dollars, up to $2,000, using $1 million in public-private funding. The program will also teach each kid basic money management skills such as managing a checking account, paying bills on time and lowering debt. The savings can be applied to secure and maintain housing, pursue educational opportunities and obtain vocational training. The program was created after a poverty study by the city found that more than half of all city foster kids have not graduated from high school and more than 25 percent become homeless. The Youth Financial Empowerment program is overseen by the Center for Economic Opportunity, which works with city agencies to implement initiatives aimed at poverty reduction. To learn more about the program, click here.