Capital One Bank and Venture Philanthropy Partners release
comprehensive report identifying major challenges facing low-income
youth and long-term health, social and economic implications
WASHINGTON--(BUSINESS WIRE)--Sep. 27, 2012--
One in three children lives below the poverty line in the National
Capital Region, with poverty rates rivaling those of developing
countries, according to the new report, “Capital Kids: Shared
Responsibility, Shared Future” released by Capital One Bank and
philanthropic investment organization Venture Philanthropy Partners. The
report examines issues youth face –particularly the divide between those
who have access to financial, social and educational opportunities and
those who do not – in the District of Columbia; Montgomery and Prince
George’s counties in Maryland; the cities of Falls Church and
Alexandria; and the counties of Arlington, Fairfax, Loudoun and Prince
William in Virginia.
The study – which was designed to expose and examine the deep
disparities and inequalities affecting individuals and families in the
region – urges collaboration among policymakers and local leaders to
close the gaps through social services, human service programs and
funding and ultimately stimulate economic growth.
“The purpose of ‘Capital Kids’ is not only to provide a snapshot
of the state of youth and children in the D.C. area, but also to give a
voice to them – the kids who live in situations of poverty,
unemployment and a lack of educational resources every day,” explained
Carolyn Berkowitz, president, Capital One Foundation and managing vice
president, Community Affairs, Capital One Financial Corporation.
“Providing affordable housing, financial literacy, quality education and
access to social programs can be game-changers for economic development.
Our hope is to encourage other business, political and community leaders
in the region to join us to drive positive change and increase
opportunities and prosperity in underserved communities.”
The report identifies several roadblocks hindering the success of
children and youth in the National Capital Region, including:
-
Poverty: 30 percent of children living in the district live
below the poverty line. A contributor is the growing number of
children growing up in single-mother households, which increases the
likelihood of poverty and higher risks to health and development.
-
Drop-out rate: An alarming number of youth have dropped out of
the educational system. In 2010 alone, more than 43,000 youth between
the ages of 5 and 19 were not enrolled in school in the National
Capital Region. These youth face significantly limited economic
opportunities and pose an enormous cost to society in terms of lost
earnings.
-
Increased number of immigrant children: The influx of immigrant
children in communities, many with limited proficiency in English,
requires additional resources and services to help youth achieve
educational and economic success. Many of these learners – the newest
wave disproportionately young - will have fewer educational and career
prospects without support.
-
Housing and transportation: These costs in the region are among
the highest in the nation, adding to the struggles of low-income
families and hindering the expansion of economic opportunities for
individuals, families and communities.
-
Unemployment and stifled economic growth: The 14,000 youth ages
16 to 19 across the area who currently do not attend school and are
not employed could cost the region an estimated $13 billion over their
lifetime in lost tax and economic contributions, as well as their use
of social services.
“This report illustrates the changing social and economic climate in the
D.C. area, with higher rates of immigrant children, higher levels of
poverty and thousands of youth out of work,” said Carol Thompson Cole,
CEO of Venture Philanthropy Partners. “We need to increase our efforts
to attack poverty by delivering additional services and resources that
will help youth stay in school, become job ready, and lead productive
and prosperous lives as adults.”
Capital One Bank is dedicated to enhancing the well-being of individuals
and families in the local communities it serves. Through an integrated
initiative called “Investing for Good,” Capital One Bank focuses
community involvement activities in four areas that are important
building blocks of economic opportunity: affordable housing, small
business and workforce development, financial literacy and education.
The report, “Capital Kids: Shared Responsibility, Shared Future,” can
be found at www.capitalkidsreport.org.
About Capital One
Capital One Financial Corporation, headquartered in McLean, Virginia, is
a Fortune 500 company with approximately 1,000 branch locations
primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia,
and the District of Columbia. Its subsidiaries, Capital One, N.A.,
Capital One Bank (USA), N. A., and ING Bank, fsb, offer a broad spectrum
of financial products and services to consumers, small businesses and
commercial clients. We apply the same principles of innovation,
collaboration and empowerment in our commitment to our communities
across the country that we do in our business. We recognize that helping
to build strong and healthy communities - good places to work, good
places to do business and good places to raise families - benefits us
all and we are proud to support this and other community initiatives.
About Venture Philanthropy Partners
Venture Philanthropy Partners makes the future brighter for youth living
in the National Capital Region by tackling the largest barriers to their
success and forging partnerships that bring the expertise, passion and
reach necessary to achieve life-changing results. Over the past 12
years, VPP has raised over $90 million to help children and youth of
low-income families in the National Capital Region access quality
education, health care and career training – setting them on the right
path to learn, graduate, and become successful, healthy adults. This
funding, coupled with our management expertise and support in
strengthening staff leadership, has increased the capacity of local
nonprofits to help them serve over 40,000 children and youth across the
region each year. For more information, visit www.vppartners.org.
Source: Capital One Financial Corporation
Capital One Financial Corporation
Barbara Saylor, 571-499-0390
Barbara.Saylor@capitalone.com
