Boston Chron - Mayor Wu Announces Boston Saves' January Incentive To Help Families Activate Accounts and Unlock Program Benefits

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Mayor Michelle Wu announced a January promotion through Boston Saves, the City's children's savings account program designed to engage families in financial education and long-term saving and planning for their children's future. Currently, all Boston Public Schools (BPS) K2-6th-grade students have Boston Saves accounts. As part of the promotion, families who log in to the Boston Saves online savings platform for the first time by January 31, 2026, will earn an extra $25 for their child's account. This money, in addition to the $50 deposit provided 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. The promotion encourages eligible families to take the first step of logging into their Boston Saves accounts, introducing them to free financial tools and resources that support college and career readiness.

"Connecting students and families to the tools they need to succeed can be transformative – Boston Saves aims to support our students both in and out of the classroom," said Mayor Michelle Wu. "By providing access to resources and support, we ensure that every student has the opportunity to thrive. I encourage all BPS families to explore this program and discover how they can benefit from Boston Saves."

Led by the Worker Empowerment Cabinet in partnership with Boston Public Schools, Boston Saves automatically provides savings accounts for all eligible BPS students in grades K2-6. Each account is seeded with an initial deposit of $50 and paired with free tools and learning opportunities that help families engage in conversation about saving, goal-setting, and postsecondary planning from an early age. An evaluation of Boston Saves' first year found that program participation led to significant positive outcomes on students' academic success, including social-emotional development, reading frequency, parental life satisfaction, and educational expectations. Research shows that the mere presence of savings can motivate post-secondary success. In one study, a low-to-moderate-income child with less than $500 in an account dedicated to higher education was three times more likely to enroll in college and four times more likely to graduate from college.

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"Boston Saves is about more than a deposit—it's a structure that helps families and schools engage early in financial literacy and long-term planning, providing a solid foundation that will set students on a pathway to economic mobility and future success," said Chief of Worker Empowerment Trinh Nguyen. "I encourage all eligible families to take advantage of the program's benefits."

"Boston Public Schools is committed to investing in the future of our students from the very beginning, ensuring every child has the opportunity to reach their full potential," said Boston Public Schools Superintendent Mary Skipper. "By providing families with access to programs like Boston Saves, we are helping our community better understand the various pathways available to their children. Through this initiative, we are working alongside families to create long-term plans that support students both in the classroom and beyond."

To encourage long-term saving, Boston Saves offers families ongoing incentives to earn additional money for their child's account. To date, the program has set aside approximately $1,450,000 for more than 28,996 students with an additional $352,500 in family-earned incentives. During last year's January promotion, over 800 BPS families earned $22,200 for their children's futures. While enrollment in Boston Saves is automatic for eligible students, the new year promotion is crucial as it encourages families to take the necessary first step of logging into their accounts to unlock the program's 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 and earn an additional incentive
Earn more money for their child's Boston Saves account by taking simple steps like reading with their child or saving regularly

"Boston Saves has played an important role in helping my two young children build a strong foundation in understanding financial health and why it's important to plan for the future," said Monika Bach, Parent, Josiah Quincy Elementary School. "As a proud BPS parent and community member, I'm grateful for the tools and resources I need to help keep me engaged and learning critical life skills alongside my kids so that we're all invested in building a strong and more resilient pathway to success for our children."

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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 2025, when the platform first became available to current K2 kindergarten families. All BPS K2-6th-grade students have Boston Saves accounts. Families of students in select older grades may also have accounts (and be eligible for the promotion) if they were part of the Boston Saves pilot program or joined a pilot cohort. Families with eligible children should have received an email from bostonsaves@boston.gov with a direct link to log into their child's account. Parents/guardians who believe their child is eligible but did not receive an email can contact the Boston Saves team at bostonsaves@boston.gov with their child's name, grade, and school. For more information, visit boston.gov/boston-saves.

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