Experimental: Cash now
Participants allocated to the “cash now” arm will receive a $500/month Guaranteed Income (GI) during the first twelve months of follow-up (Phase 1) and no GI in the second twelve months of follow-up (Phase 2).
Other: Guaranteed Income
Monthly cash transfer of $500 per month for 12 months.
Behavioral: Peer learning circles
Participants can opt-in to attend peer learning circles (also called My Money Hour), which are discussion groups of 10-12 participants about financial topics co-led by a peer (Black youth) with experience in financial programming and an adult financial coach. My Money Hour sessions will be offered on-line multiple times throughout every month of the project, with rotating themes, to ensure that the 50-minute sessions are available different days of the week and times of the day.
Behavioral: Financial coaching
Participants can opt-in to receive financial coaching sessions with a trained financial mentor. Meetings will occur monthly and typically include six one hour sessions. The mentor will be responsive to individual needs, but will touch on the following priority areas: building credit (credit repair, improving credit scores, credit products); savings (emergency savings plans, savings habits and strategies, understanding savings accounts); money management (creating budgets, understanding income vs expense, assessing spending, making better financial decisions); financial products (credit building products, auto loans, credit cards); and long-term goals (home ownership, investments).
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