Boston Saves Gives BPS Families Financial Boost For Children’s Futures In the New Year

Boston Saves announced the January promotion to encourage families of BPS K2 - 4th graders to log in to its online savings platform. Families who logged in for the first time by January 31, 2024, earned an extra $25 for their child’s savings account. This money, plus the $50 that comes in every Boston Saves account and any additional incentives families may earn, can be used to pay for their child’s future college or career training. Since its launch in 2019, Boston Saves has allocated over $1.3 million, including $170,315 in family-earned incentives, to nearly 20,000 student accounts. 

Findings from the first year of a three-year evaluation of Boston Saves link participation in the program to significant positive effects on students’ academic success, including social-emotional development and reading frequency, as well as parental life satisfaction and educational expectations. Research shows that the mere presence of savings can motivate post-secondary success. In one study, low-income children with less than $500 in an account dedicated to higher education were three times more likely to enroll in college and four times more likely to graduate from college than families with no savings. 

The January incentive encourages families to take the necessary first step of logging into their accounts, thereby unlocking the program's benefits. When families log into the Savings Center, they can:

• See the money in their child’s Boston Saves account
• Link their financial account to the Savings Center to track all their savings for their child in one place
• Earn more money for their child’s Boston Saves account by taking simple steps like reading with their child, or saving regularly 

Though the January promotion has ended, families are still encouraged to log into their accounts and take advantage of the program and future incentives. All K2 - 4th grade students in BPS have Boston Saves accounts. Families of students in select older grades may also have accounts 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. To learn more about the program, visit boston.gov/boston-saves.