Mayor Michelle Wu has announced that Boston Saves, the city's children’s savings account program, is rolling out a January incentive to get more Boston Public Schools families on board. According to the official city announcement, families of BPS students from kindergarten to fourth grade who log in to the savings platform by January 31, 2024, will bag an extra $25 for their child’s account.
This financial bootstrapping effort is more than just a cash giveaway. Data from a three-year study on the initiative's impact hinted that a child's academic success, parental life satisfaction, and future educational expectancies tend to grow alongside their savings. "Boston Saves is critical to investing in Boston’s young people and families with every opportunity possible," Mayor Wu stated, urging BPS families to quickly to log in and seize this resource.
Every kid starting kindergarten in Boston Public Schools gets a head start, courtesy of Boston Saves, with a $50 seed deposited into a college savings account (CSA). The program, born from a collaboration between the Worker Empowerment Cabinet and BPS, also dangles extra financial incentives and provides financial education resources to aid families to save effortlessly. Boasting over $1.3 million in allocated funds since its 2019 inception, nearly 20,000 student accounts have, to date, felt the benefits.
"Participation in Boston Saves opens doors to a brighter future for our children," Superintendent Mary Skipper told the city, highlighting the program's role in bolstering a kid's educational trajectory. Families that log into their Savings Center gain visibility on their account status, link personal savings, and can grow their kid's account by doing simple things like reading together.
Boston Saves has a track record of delivering, with last January’s incentive netting families a collective $14,575. Eligibility for the incentive isn't solely for the young; students from select older grades who joined early pilot cohorts or the pilot program itself also qualify. Families in the loop should have received an email with a login link for their child's account, while those out of the loop but with eligible children can reach out to the Boston Saves team for assistance. Additional information on the program can be found at the city's Boston Saves page.
