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Boston saves January incentive, encourages eligible Boston public schools families to take advantage of financial boost

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Jan 11, 2023 - 09:32 AM

Mayor Michelle Wu announced an incentive to encourage families of Boston Public Schools (BPS) K2-3rd graders to take advantage of Boston Saves, the City of Boston’s children’s savings account (CSA) program. BPS K2 – 2nd grade families who log in to the program’s online savings platform for the first time by January 31, 2023 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, providing a financial boost to their child’s future. Boston Saves is a collaborative effort between the Worker Empowerment Cabinet (WE) and Boston Public Schools.

“Boston Saves is part of our efforts to connect Boston’s young people and families with every economic opportunity possible,” said Mayor Michelle Wu. “This collaborative program provides families with a chance to plan early and save even more for their children’s future. As we start 2023, I encourage all of our newly participating families to log in to Boston Save’s online savings platform and take advantage of this incentive.”

“The Boston Saves program is one of the best ways to prepare for your child’s academic and professional future,” said Boston Public Schools Superintendent Mary Skipper. “It’s never too early, or too late to participate, and the January promotion is the perfect time, if possible, to invest a little bit extra into your children’s future. We encourage all of our families to take advantage because data shows students who are enrolled in the Boston Saves program are more-likely to enroll and attain a degree in college or a career-training program.”

Boston Saves is a tool for working families to save and plan for their children’s future college or career training by providing every BPS K2 kindergartner with a CSA automatically seeded with $50. The incentive encourages families to take a crucial first step towards unlocking the program’s many benefits. More than 1,300 BPS families earned a total of $32,825 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
  • Earn more money for their child’s Boston Saves account by taking simple steps like reading with their child, or saving regularly

Additionally, Boston Saves motivates families to earn more money for their child through regular incentives, and provides financial education and resources that make saving easier and helps families get ahead. Since the program began, Boston Saves has provided funds more than $1,040,000, including $113,000 in family-earned incentives, to more than 18,580 students.

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.

“Boston Saves is a great initiative from the City of Boston to help families learn about the importance of saving,” said Erin DiCarlo, parent of two Boston Saves’ students at the Adams Elementary School. “With financial literacy often lacking in schools, this program helps teach families to have their children begin saving for their future at a young age. It also gives students an incentive to read!”

The Boston Saves incentive will be applied to the accounts of all students whose families have logged in to the Savings Center for the first time since November 2022, when the platform first became available to current K2 kindergarten families. Currently, all K2-3rd grade students in BPS have Boston Saves accounts. Families of students in select older grades may also have accounts (and thus 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 protected] with a direct link to log into their child’s account. Parents/guardians who believe their child is eligible (K2-3rd grade BPS students) but did not receive an email can contact the Boston Saves team at [email protected] with their child’s name, grade and school. Find more information about Boston Saves including eligibility requirements at BostonSavesCSA.org.

ABOUT BOSTON SAVES

Managed by the Mayor’s Office of Financial Empowerment, Boston Saves is the City of Boston’s children’s savings account (CSA) program. Starting in K2 Kindergarten, Boston Saves provides each student with a CSA automatically seeded with $50 for their future college or career training. The program also provides opportunities for families to earn additional Boston Saves Dollars for their child’s account and to take advantage of financial education resources that make saving easier.

ABOUT WORKER EMPOWERMENT 

The Worker Empowerment Cabinet (WE) leads the City’s work in advancing the well-being of all working Bostonians in both the public and private sectors by linking worker empowerment policy and programs to create a safe, healthy, and climate resilient city for all.

Source: City of Boston

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