Economic Recovery Through Youth

by in Economics on September 3, 2020

Children’s Aid and Youthful Savings Partner to Revamp the NYC Economy

2020 has been a tough year for the city of New York and the world at large. For select youth, a glimmer of hope emerged. Through NYC’s unique Summer Youth Employment Program (SYEP), the New York City Department of Youth and Community Development provides funding for youth to build their skills. As a result, Children’s Aid (a SYEP provider) and Youthful Savings partnered up to create a 5-week entrepreneurship and financial wellness summer camp. 200 youth joined the program and learned necessary skills to thrive in the real world. Each youth also received up to $1,000 in funding provided by SYEP.

Youthful Savings launched an online marketplace, Youthful Savings Marketplace, and the youth created businesses that are directly impacting the NYC economy. Since launching in mid August, the site has over 100 products for sale and is building a roadmap for how to increase local and state gross domestic product.

“If we include the youth in the global economy, provide them funding and guidance, we can truly increase our gross domestic product. We are also reinvesting in the New York City’s contribution to the youth by increasing city and state revenue through sales tax. Our youth are valuable constituents and are motivated to contribute to the economy,” says founder of Youthful Savings, Somya Munjal.

One of the youth out of the Children’s Aid program, Aziz Abdulrub, created a whole campaign on how to make America better including policies for police reform and climate change. Change for America sells products on the site in order to fund its cause. A portion of all sales go to organizations that are working on the frontlines to solve some of the world’s biggest issues.

“It’s so exciting to see the youth create businesses and take ownership of their lives. The youth are the future and our economic and political systems don’t do an adequate job of representing us. It’s time to take control of our own lives and positively impact the systems we live in – for our generation and the future generations,” says Aziz.

A list of all businesses created can be found on Youthful Savings Marketplace. The youth are eager for sales and partnerships and look forward to how they can help make the world a better place – all while having the economic ability to do so.


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