Boston Saves program bolstered by new online portal
Building on his commitment to ensuring every child in Boston receives a strong educational foundation and has access to opportunity, Mayor Martin J. Walsh announced Boston Saves, the City of Boston's children's savings account program, has launched an online portal to help families of Boston Public Schools (BPS) kindergartners track their savings progress for their children. The portal, called the Savings Center, enables families to view the $50 in their child's Boston Saves account, earn more money for the account, and view all of their savings for their child in one place. This announcement falls during America Saves Week, an annual celebration and call to action for everyday residents to commit to saving successfully.
"The creation of the Savings Center marks a significant step forward for Boston Saves students and families," said Mayor Walsh. "Now, families can regularly check their child's account, engage with the program on their own schedule, and receive encouragement to continue saving. I am proud that Boston Saves is giving us the tools to make saving for the next generation easier."
"Boston Public Schools and Boston Saves are here to support families in helping their children reach their full potential," said BPS Superintendent Brenda Cassellius. "We encourage BPS kindergarten families to log in to the Savings Center and familiarize themselves with their child's Boston Saves account. Saving and planning now can build an expectation for college and career success in the future."
Read more from Mayor Walsh about how Boston Saves is setting out children up for a brighter future.
The Savings Center plays a crucial role in helping families build the momentum and motivation to save. In the Savings Center, families can view their child's Boston Saves account, which holds the $50 seed and any incentives the family has earned for taking specific actions that plan for the future. Families can also link their own financial account to their child's Boston Saves account, so that they can see all of their savings for their child in one place. Finally, through the Savings Center, Boston Saves can message families to remind them of incentive opportunities, congratulate them on progress, and encourage saving.
"Boston Saves is as much psychological as financial; it shows our kids how we believe in their future, and that we're on the same team for college planning," said Michael Banchick, the parent of a Boston Saves student. "The financial accounts really jumpstart that family conversation attending college, and then periodic incentives keep the conversation fresh while everyone works towards a goal."
Developed with the input of BPS families, Boston Saves began as a pilot program in 2016 and launched citywide to all BPS K2 kindergartners in Fall 2019. The program's goal is to help families save and plan for their children's future college or career training. In addition to providing savings accounts, seed funding, and incentives, Boston Saves also offers families free resources and events that can help them prepare for their children's futures.
"It's good to give low-income families, which primarily make up Boston Public Schools, some type of encouragement for their kids' futures," said Aureliz Estrella, parent of a Boston Saves student at the King School in Dorchester. "Having money saved can be a big thing to motivate them to go school."Boston Saves supporters
Concurrent with the launch of the Savings Center, the Michael & Susan Dell Foundation has provided a grant to support key features of Boston Saves over the next three years. The grant will fund incentives for families, program evaluation, and stipends to schools to promote a culture of saving and planning.
The $750,000 grant also supports Family Champions, trusted family members in a school community who are trained by Boston Saves. Family Champions are able to explain the program to fellow families and encourage their saving progress-often in families' native languages.
Boston Saves has also received support from the Eos Foundation, The Boston Foundation, the Collatos Family Foundation, the Berkshire Bank Foundation, National League of Cities, Santander Bank, National Grid, EDIC - Community Benefits, and the City of Boston Credit Union.How BPS kindergarten families can log in to the Savings Center
- Go to the Boston Saves website and click on the blue "Log in to the Savings Center" button.
- If you are a first-time visitor, click on the "Register" button to register for the Savings Center. You will need your child's 10-digit SASID (State-Assigned Student Identifier), which is available from your child's school office.
- When you register, you can create a password to log in to the Savings Center.
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- Published by: Schools