This fall, City Treasurer Tishaura O. Jones will be providing kindergarteners entering a public school within the city limits with a college savings account.
The College Kids Children's Savings Account program is one of several initiatives in the newly formed Office of Financial Empowerment.
The deposit only account will be in the student’s name and will be opened with a $50 deposit. Students will have the opportunity to increase their balance through performance-based incentives such as perfect attendance, good grades, and family participation in financial education programs. Funds can only be withdrawn for college/vocational school expenses. Program partners include: St. Louis Public Schools, Missouri Charter Public School Association, 1st Financial Federal Credit Union, Wells Fargo, Vista Share, and CFED’s 1:1 Fund.
Creating economic opportunity for low-to-moderate income families was a central part of Treasurer Jones’ platform. “We created this program because I firmly believe it is the government’s responsibility to invest in its citizens, and that includes our children,” said Jones. The Treasurer’s goal is to create a program that is universal so every student can have an early start saving for higher education.
“Children who have college savings accounts in their names are four times more likely to attend college and seven times more likely to graduate,” Jones stated, reflecting on data released by the Washington University’s “For the Sake of All” project. This is just the tip of the iceberg for Jones as she improves the quality of life for children and families through education and financial literacy.
Click here to learn more about the program and how you can support it!