This bill aims to support dependent youth transitioning out of foster care by providing them with financial education and the opportunity to establish private self-controlled accounts with financial institutions. The program is designed to help these youth, starting at age 14, to prepare for independence by ensuring they have access to financial resources and information. The Department of Children, Youth, and Families is tasked with developing this program, which includes a minimum monthly deposit of $25 into each eligible youth's account, assistance from supportive adults in opening accounts, and the creation of an online platform for account management. The program is set to be operational by January 1, 2025, with full implementation across all regions by July 1, 2028.

Additionally, the bill establishes a temporary advisory committee to guide the program's development and ensure it meets the needs of the youth it serves. This committee will include current and former foster youth, caregivers, financial institutions, and experts in financial education. The Department is required to conduct annual surveys to evaluate the program's effectiveness and report its findings to the legislature and the governor. Overall, the bill emphasizes the importance of financial literacy and support for youth in foster care to promote their long-term economic stability and successful transition to independent living.