BOSTON - Thursday, August 31, 2017 - Mayor Martin J. Walsh today announced that the National League of Cities has awarded a $35,000 grant to support the growth of Boston Saves - the City of Boston's children's savings account program - as it enters the second year of its three-year pilot. The grant will fund Boston Saves' parent engagement and community partnership efforts, including financial education and wealth-building initiatives for Boston families through the Mayor's Office of Financial Empowerment. Mayor Walsh launched Boston Saves last fall to help families of Boston Public Schools (BPS) kindergartners save money for their children's college or post-secondary career training.
"We are grateful to the National League of Cities for recognizing the value of Boston Saves in expanding financial opportunity for our young people and families," said Mayor Walsh. "Boston Saves provides families in need with concrete tools to save for their children's post-secondary future."
Boston Saves includes $50 in seed money for each kindergartner's account, financial incentives for saving, an online platform for tracking account growth, and family events and classroom activities that promote saving as a fun, community-wide effort.
"Boston Saves is an exciting opportunity for families to support their children in pursuing post-secondary education," said Timothy Flacke, Executive Director at Commonwealth, a mission driven organization that partnered with the City of Boston to design the children savings account program. "The continued growth and expansion of Boston Saves will allow even more families to build a solid foundation for education savings, a critical first step to financial opportunity."
"We are grateful for the Boston Saves program, which teaches students and families about the importance of financial literacy in a fun and engaging way," said Boston Public Schools Superintendent Tommy Chang. "We know that when learning is fun, it resonates with students for years to come."
The National League of Cities grant will fund:
- Training of Boston Saves parent ambassadors who can facilitate program participation by teaching fellow parents about the program in their native language and in culturally competent ways.
- Coordination among Boston Saves stakeholders including financial institutions, colleges and citizen-engagement organizations to strengthen the program's community roots.
- Promotion of valuable financial initiatives from the Mayor's Office of Financial Empowerment - such as credit-building help, financial coaching, and free tax preparation - among Boston Saves partners.
The National League of Cities awarded the grant as part of its Financial Inclusion Systems and City Leadership (FISCL) project. Boston was one of eight cities selected to participate in the two-year project, which is designed to help cities improve residents' financial health and stability.
The Boston Saves pilot began with five participating schools and will grow to 11 this fall. The program will begin expansion to all of Boston's district and charter schools by Fall 2019.
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