Mayor Wu Announces the Return of Boston Saves' January Incentive to Give Boston Public Schools Families a Financial Boost for their Children's Future
Mayor Michelle Wu today announced that Boston Saves, the City’s children’s savings account program, is again offering a January incentive to encourage eligible Boston Public Schools (BPS) families to participate in the program. Families of BPS students in grades K2 - 4th who log in to the Boston Saves online savings platform for the first time by January 31, 2024 will earn an extra $25 for their child’s account. This money, plus the $50 provided in every Boston Saves account and any additional incentives families earn, can be used to pay for their child’s future college or career training.
Findings from the first year of a three-year evaluation of Boston Saves link participation in the program to significant positive effects on students’ academic success, including social-emotional development and reading frequency, as well parental life satisfaction and educational expectations. Research shows that the mere presence of savings can motivate post-secondary success. In one study, low-income children with less than $500 in an account dedicated to higher education were three times more likely to enroll in college and four times more likely to graduate from college than families with no savings.
“Boston Saves is critical to investing in Boston’s young people and families with every opportunity possible,” said Mayor Michelle Wu. “This program empowers families to plan early and save even more for their children’s future. I encourage all of our newly participating families to log in to Boston Save’s online savings platform and utilize this key resource.”
A joint program of the Worker Empowerment Cabinet and Boston Public Schools, Boston Saves automatically provides every BPS K2 student with a college savings account (CSA) seeded with $50 to give families a boost for their child’s future. The program also offers families the opportunity to earn additional Boston Saves Dollars for their child’s account through ongoing incentives and access to financial education resources that make saving easier. Since its launch in 2019, Boston Saves has allocated over $1.3 million, including $145,344 in family-earned incentives, to nearly 20,000 student accounts.
"Participation in Boston Saves opens doors to a brighter future for our children,” said Boston Public Schools Superintendent Mary Skipper. “By taking this simple step of logging into the Savings Center, families are not only securing financial rewards but also investing in the educational journey and success of their children."
The January incentive is especially critical as it encourages families to take the necessary first step of logging into their accounts, thereby unlocking the program's benefits. More than 500 BPS families earned a total of $14,575 for their children’s futures through last year’s January incentive. When a family logs in to the Savings Center, they can:
- See the money in their child’s Boston Saves account
- Link their own financial account to the Savings Center to track all their savings for their child in one place and earn an additional incentive
- Earn more money for their child’s Boston Saves account by taking simple steps like reading with their child, or saving regularly
“Boston Saves is an amazing financial tool that shows the City's dedication to investing in our next generation of leaders,” said Rochelle Perry-Craft Ed.D., Kindergarten Teacher at the George H. Conley Elementary School. “The program is statistically proven to promote significant positive outcomes in our students. I strongly encourage all eligible BPS Families to take advantage of the program and start planning for their child's future.”
Families of students in select older grades may also have accounts (and be eligible for the promotion) if they were part of the Boston Saves pilot program or joined a pilot cohort. Families that have eligible children should have received an email from email@example.com with a direct link to log into their child’s account. Parents/guardians who believe their child is eligible but did not receive an email can contact the Boston Saves team at firstname.lastname@example.org with their child’s name, grade, and school. For more information, visit boston.gov/boston-saves.