Boston Saves gives each kindergartner an account with $50 from the City of Boston. The money in this account can be used for college or job training costs after the student finishes high school. Families can earn more from the City by:
- activating their child’s account, and
- adding at least $25 to the account every three months, starting each October.
Using an online platform, families can track all of their savings for their child in one place. Schools also host family events and classroom activities to make saving fun.
Mayor Walsh piloted Boston Saves with five public schools in Fall 2017. The program will start growing to all district and charter schools by Fall 2019.
Boston Saves promotes a culture of student success. We want to give all public school kindergarten (K2) students in Boston a chance to plan for the future.
- families with children’s savings accounts are more likely to see college as a goal for their children, and
- low-income children with $500 or less in a savings account for college are three times more likely to enroll in college. They are also four times more likely to graduate from college.
- "Boston’s Office of Financial Empowerment Wants to Spread the Wealth" (Next City, February 8, 2017)
- "Mayor Walsh kicks off launch of children’s savings account at the Harvard-Kent School in Charlestown" (Sampan, February 17, 2017)
- "InvestCloud partners with City of Boston for Family Savings Program" (PR Newswire, February 23, 2017)
- "Walsh, Harvard Kent Students Set to Debut New Childhood Savings Accounts" (Charlestown Patriot-Bridge, February 28, 2017)
- "Students start saving early in new program" (WCVB, March 1, 2017)
- WBUR Early Edition, March 3, 2017 (Trinh Nguyen at 66:12)
- "Boston launches child savings accounts" (Banker & Tradesman April 9, 2017)
- "Financial planning program for Boston kids receives 150k grant" (Banker & Tradesman, April 27, 2017)
- "Boston Foundation donates $150,000 to Boston Saves" (BU Daily Free Press, May 5, 2017)
- "Boston Saves awarded $150k to help Boston kindergartners" (Wicked Local Roslindale, May 1, 2017)
- "City to help kindergarten students save for college" (Boston Globe, March 1, 2016)
- "Mayor Walsh announces savings account pilot program for five Boston Public Schools" (Boston.com, March 2, 2016)
- "Boston Picks 5 Schools For College Savings Pilot Program" (WBUR, March 2, 2016)
- "Roslindale school to participate in children’s saving account pilot" (Wicked Local Roslindale, March 3, 2016)
- "Piggy Banks For All the Students: BPS and EBSB Team Up for College Savings Program" (East Boston Times-Free Press, November 11, 2016)