Every kindergartener will get $50 from Boston’s public schools.
Mayor Martin J. Walsh announced the citywide program Boston Saves. The initiative automatically creates a savings account for all kindergarteners enrolled in Boston public schools.
The city has pledged to deposit $50 in each account and their parents will be incentivized to earn more money in their Boston Saves accounts. The city will pay parents $25 it they link an external bank account. They can also pledge to read 20 days with their child in a three-month period to earn up to $20 more a year. The account can only be opened after the student finishes high school. If students don’t use the money before turning 27, the money will go back to the city of Boston.
City officials cited a 2013 study that found children on low-income families with at least $499 in an account were at least four times more likely to enroll in college.
“Children’s savings accounts beginning in kindergarten are a game-changer,” EOS Foundation President Andrea Silbert stated. “Not only do kids and families begin saving money but these young scholars also get a clear message from the moment they walk into school that the sky is the limit. College or career training will be a part of their journey.”