Teens get $350 a month to teach them about money – Community News
Stimulus Check

Teens get $350 a month to teach them about money

SOME Gen Z people in Louisiana get $350 in monthly payments as part of the state’s financial literacy program.

The state’s new initiative will affect 125 New Orleans residents, who are between the ages of 16 and 24.

As of December, 125 New Orleans teens will receive $350 in recurring monthly payments

1

As of December, 125 New Orleans teens will receive $350 in recurring monthly paymentsCredit: Getty Images

The first incentive payment will be made in December.

Since these payments are recurring over 10 months, the aid can be considered a universal basic income program.

An idea supported by entrepreneur Andrew Yang, multiple major cities, including Chicago and Los Angeles, also offer UBI payments to some of its residents.

In this case, New Orleans wants to tackle the problem of the “bankless” in the city, which applies to adults who do not use financial services such as savings and checking accounts to store money.

Louisiana has the second largest unbanked percentage of the state population at nearly 15%, according to economic advocacy group Prosperity Now.

The New Orleans program, in partnership with Mastercard, Mobility Capital Finance (MoCaFi), is specifically aimed at addressing the problem of the racial and wealth gap.

The direct payments will be provided by Mobility Capital Finance via a loaded ATM card.

Together with the age requirement, the money goes to people who are unemployed or out of school.

The Sun has asked the mayor’s office to confirm how teens will be selected and whether they should apply. We will update this article as soon as we hear anything.

New Orleans Mayor LaToya Cantrell said: “My administration will continue to find innovative ways to serve and empower our residents and ensure that unbanked people have a bank and access to financial education and other resources. , so that they can meet their basic needs and continue to invest in themselves.”

We explain how families with children under 13 can get a surprising $8,000 incentive payment.

We explain how much your family will receive for this month’s child discount.

Also this week, check out five big money changes that could affect your finances.

In THREE DAYS another $300 ‘stimulus check’ is coming your way, make sure you’re registered for child tax credits

We pay for your stories!

Do you have a story for the US Sun team?