BOSTON – The city of Boston has officially launched an initiative to help young children start saving for their secondary education or career training.
Mayor Marty Walsh announced the Boston Saves plan, a program that gives all Boston public school kindergartners a savings account to start saving towards their future. The account also comes with $50 to help motivate the youngsters to begin investing in themselves.
Initially a pilot program that began in 2016, Mayor Walsh has expanded the program to include all 11 public schools in the city.
"Throughout its three-year pilot program, Boston Saves has proven to be an essential part of providing families with the tools to save for their children's post-secondary future," said Mayor Walsh.
"I am pleased to announce the citywide expansion of Boston Saves, providing more families with these resources and strengthening the investment we are making in Boston's youth."
Schools Superintendent Brenda Cassellius supports the Boston Saves initiative for the positive message it sends to students.
"Every child deserves to hear the message 'We believe in you and you can do anything' from the first minute they walk through our school doors," said Boston Public Schools Superintendent Brenda Cassellius.
"The Boston Saves program helps us send that message and is a valuable resource to help families get a jump start on planning for their child's future. I encourage every family whose child is entering kindergarten this year to participate so they can take advantage of all of the wonderful benefits of the program."
Aside from sending students a positive message about their future and their capabilities, the Boston Saves program has also helped start discussions about career training and college in the homes of many students.
"My family's participation in the Boston Saves program has brought up important family discussions about college and financial planning early on," shared Esmirna Soto, a parent whose child participated in the Boston Saves pilot program.
"The experience has been great because the earlier we save, the more our child will benefit over time. He benefits by knowing that we are not only expecting him to attend college or some form of higher education, but that we are also financially planning for it."
Boston Saves will automatically enroll each student in the program, per CBS. The students must use funds given to them by the city by the age of 27 years old or the interest from the fund will be redeposited back into the program for future students.