Fostering Financial Independence for Foster Youth

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The Cornerstone Foundation’s commitment to changing lives is on full display through its partnership with Capitol Credit Union, where grant funding is helping foster youth across Texas gain critical financial skills.

With the support of a $10,000 Community Development Grant, Capitol Credit Union expanded its Financial PAL (Preparing for Adult Living) program, the only initiative of its kind in Texas to provide tailored banking services and financial education to foster youth ages 14 to 21. Thanks to the Foundation’s grant, Capitol CU has embedded financial education modules directly into its mobile banking app, making learning accessible and convenient for young people navigating life without traditional family support.

“Without the help of the Cornerstone Foundation, we wouldn’t have been able to build out the financial education program that’s now fully integrated into our mobile banking app,” said Pierre Cardenas, president and CEO of Capitol Credit Union. “Foster youth now have an easy way to learn about financial services with an app on their phone, teaching them the value of credit unions and how we provide all the banking services they’ll need for life.”

Through the PAL program:

• Over 100 foster youth have active accounts, with 47 more pending.
• A three-tier account system teaches saving, budgeting, and responsible account management, progressing from basic savings accounts to rewarding checking options as youth build financial habits.
• Youth receive financial rewards for educational milestones and are paired with trained credit union mentors who offer guidance on managing finances.
• Ongoing workshops and webinars reach foster youth statewide, from El Paso to Beaumont.
• Financial mentor program that provides youth ongoing support through the call center.
  

Capitol CU is the only financial institution authorized by the Texas Department of Family and Protective Services (DFPS) to offer this level of financial support to foster youth. The partnership not only equips young people with hands-on banking experience but also creates opportunities for financial stability as they age out of state care.

For Cardenas, the program’s impact is deeply personal. “When I get done with presentations, 100% of them want to join a credit union,” he said.

With continued support from the Cornerstone Foundation, Capitol CU plans to expand this transformative program, providing foster youth with a path to financial independence and a brighter future.

Visit us online today to learn more about grants offered by the Cornerstone Foundation.