NEW YORK and PITTSBURGH, Oct. 9, 2012 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, is hosting a thought leadership summit to explore the challenges of youth aging out of foster care and determine best practices for enabling educational advancement and employment opportunities.
The summit, which will be held on Thursday, October 11, 2012 at the Omni William Penn Hotel in Pittsburgh, will examine insightful new research on preparing these young people for independence, as well as the results to-date of BNY Mellon's Powering Potential Pathways Program, a $6 million, five-year global workforce development initiative to assist vulnerable youth making the transition into adulthood.
"It's estimated that annually more than 25,000 young people in the United States move out of foster care when they reach 18," said James P. McDonald, BNY Mellon's director of global philanthropy. "Since BNY Mellon started its Pathways program, we have donated more than $2 million in grants that have helped more than 450 vulnerable youth, and we're encouraged that our partners are beginning to see some improved outcomes."Since the launch of BNY Mellon's Pathways program in 2010, its partners have seen the following improvements among their program participants:
- There has been a 42% increase in the number of young people enrolled in college;
- Employment among non-high school graduates has increased 15% and 10% among graduates; and
- Overall, involvement in the juvenile justice system decreased approximately 13%.