Boston Saves’ January Incentive Returns To Provide Boston Public Schools Families a Financial Boost

Trending...
~ Boston Mayor Michelle Wu has announced a new incentive for families of Boston Public Schools (BPS) students to participate in the city's children's savings account program, Boston Saves. The program, which is a joint effort between the Worker Empowerment Cabinet and BPS, aims to provide families with the tools and resources to save for their child's future college or career training.

Starting January 1, 2025, families of BPS students in grades K2 - 5 who log in to the Boston Saves online savings platform for the first time will receive an extra $25 for their child's account. This is in addition to the $50 that is already provided in every Boston Saves account and any additional incentives that families may earn through the program.

Mayor Wu believes that Boston Saves can be transformative for the community by connecting students and families with new economic opportunities. She encourages all eligible BPS families to take advantage of this program and learn more about how it can impact their children's future.

Since its launch in 2019, Boston Saves has allocated nearly $1.7 million, including over $320,000 in family-earned incentives, to over 27,000 student accounts. Chief of Worker Empowerment Trinh Nguyen believes that it is never too early to start thinking about one's career and that Boston Saves supports working families and parents in planning ahead for their child's future success.

More on Boston Chron
Boston Public Schools Superintendent Mary Skipper also recognizes the importance of starting early when it comes to saving for education. She is grateful for everyone involved in continuing to invest in students and ensuring that families are aware of this opportunity.

Research has shown that having savings can motivate post-secondary success. In fact, low-income children with less than $500 in an account dedicated to higher education are three times more likely to enroll in college and four times more likely to graduate than those without any savings. The first year of a three-year evaluation of Boston Saves has also shown significant positive effects on students' academic success, including social-emotional development, reading frequency, parental life satisfaction, and educational expectations.

BPS parent Raqael Duarte Hunt has personally experienced the benefits of Boston Saves and encourages other parents to take advantage of the program. She especially appreciates the opportunity to earn extra incentives for activities that she was already doing at home with her child.

More on Boston Chron
The 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 2024. This includes current K2 kindergarten families and select older grades who were part of the Boston Saves pilot program or joined a pilot cohort. Families who believe their child is eligible but did not receive an email can contact the Boston Saves team for assistance.

The Boston Saves program is a free resource for families to save for their child's education after high school. By logging into the Savings Center, families can see the money in their child's account, link their own financial account to track all savings in one place, and earn additional incentives by taking simple steps like reading with their child or saving regularly.

For more information on Boston Saves and how to participate, visit boston.gov/boston-saves. Mayor Wu and city officials hope that this January incentive will encourage more BPS families to take advantage of this valuable program and invest in their children's future success.

Filed Under: Government, City

Show All News | Report Violation

0 Comments

Latest on Boston Chron