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MAYOR WU ANNOUNCES BOSTON SAVES, THE CITY’S CHILDREN’S SAVINGS ACCOUNT PROGRAM, EXTENDS NEW YEAR’S OFFER TO GIVE NEWLY PARTICIPATING BPS FAMILIES A FINANCIAL BOOST FOR THEIR CHILDREN’S FUTURES
Families who log in to the program’s online platform for the first time by January 31 will earn an extra $25 for their child’s savings account
Thursday, January 6, 2022 – Mayor Michelle Wu today announced a special New Year’s promotion to encourage families of Boston Public Schools (BPS) K2-2nd graders to take advantage of Boston Saves, the children’s savings account program from the City of Boston and BPS. As part of the promotion, families who log in to the program’s online savings platform for the first time by January 31, 2022 will earn an extra $25 for their child’s account. This money, plus the $50 that comes 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 someday.
“Boston Saves provides BPS families a chance to plan early and save even more for their children’s future,” said Mayor Michelle Wu. “As we extend the program’s New Year offer through January, I encourage all of our newly participating families to log in to Boston Save’s online savings platform and take advantage of the incentives.”
“I am grateful to Mayor Wu for this incredible promotion to encourage our families to take advantage of this great program,” said Boston Public Schools Superintendent, Brenda Cassellius. “Boston Saves is a prime example of how we’re taking an all-hands-on-deck approach to support our students and families in the City of Boston. This program gives many of our families a jumpstart to better prepare, plan and save for their students' futures”.
Boston Saves is designed to help families save and plan for their children’s future college or career training. The program eliminates the initial hurdle to saving by giving each new K2 BPS kindergartner an account seeded with $50. Along the way, Boston Saves motivates families to earn more money for their child through regular incentives, and also provides tips and resources to help families save their own money too.
The New Year’s promotion incentivizes a crucial first step that families can take to unlock the program’s many benefits. 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
Since 2019, Boston Saves has provided funds totaling $682,550, including $48,845 in family-earned incentives, to more than 11,000 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.
“Given the cost of higher education, it's imperative we start preparing early for our children’s education,” said Neely O’Donnell, parent of a K2 kindergartner at Beethoven Elementary School in West Roxbury. “Boston Saves incentivizes parents and caregivers with free money for saving and reading to our kids. The earlier you start, the more the money will grow.”
The Boston Saves New Year’s promotion will be applied to the accounts of all students whose families have logged in to the Savings Center for the first time since November 2021, when the platform first became available to current K2 kindergarten families. Currently, all K2-2nd 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. See the table on the Boston Saves homepage for complete program eligibility.
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 the Mayor’s Office of Financial Empowerment
The Mayor's Office of Financial Empowerment (OFE) was created in 2014 to connect City residents with access to credit building programs, financial education, individualized financial coaching, and income support. Residents who seek to improve their financial situation can use these tools to achieve economic well-being and pursue financial prosperity. OFE is an affiliate of the Mayor's Office of Workforce Development and the Boston Planning & Development Agency.