Financial stability is a key part of STAY youth’s transition to adulthood. STAY youth often mentioned financial wellness as one example of what it means to be successful as an adult. For STAY youth, financial wellness could look like having a well-paying job or a job they enjoy, knowing how to budget or manage money, or just being able to make ends meet. When STAY youth are financially stable, it’s easier for them to reach milestones like buying a car, renting an apartment, or going to college. It also adds to their quality of life. STAY youth want to do well enough financially so they can focus on hobbies and activities that bring joy to themselves and others.
A big part of transitioning to adulthood involves taking on more financial responsibility. This includes paying bills on time and spending money on basic needs first. STAY case managers shared that having financial responsibility can be hard for some youth. One STAY case manager said they work with youth to manage their own money by the age of 21. Independent Living Skills (ILS) groups can also teach youth skills to be financially stable. These groups have activities for youth to build financial knowledge and skills.
Although “being rich” would be nice, STAY youth see more importance in having a happy life with a job they enjoy. They also want to give back to other vulnerable young people because of the support they themselves had growing up. One STAY youth talked about this in an interview:
“This is why I also feel like going into being a teacher. I know I’m not going to make the best money, but it is something I’m going to love. It doesn’t matter if I’m not going to make as much money as everyone else, because I know it’s going to make me happy. And I know that I’m going to help a lot of people and kids. When I think of thriving, I think that I am doing well and am happy.” – STAY youth
Helping STAY youth reach financial wellness is very important in their transition to adulthood. STAY youth can work toward financial wellness with the guidance of STAY case managers, supportive adults, ILS, financial supports, and other services. Financial stability leads to a better quality of life for STAY youth because they can focus on what they enjoy and give back to the communities they care about.
