Skip navigation
Catalyst Miami
  • About Us
      Meet Our Team Join Our Team Partners Supporters
  • Services & Programs
      Health & Financial Wellness
        Tax Preparation Financial & Health Services Small Business Support Worker-Owned Enterprises Program Building Prosperity Workforce Cohort Future Bound Miami
      Policy & Advocacy
        Issues We Care About CLEAR HEAL Disability Rights & The Enable Project Catalyst to the Capital
      Capacity Building COVID-19 Resource Center
  • Events
  • Latest
  • Library
  • Donate
  • Get Updates
  • Contact
  • Donate
  • Get Updates
  • Contact

Thousands of Miami kindergartners will now be eligible for savings accounts

November 12, 2019

This story originally appeared on 7 News WSVN

MIAMI (WSVN) - Some South Florida students will be getting a lesson that counts.

More than 2,000 kindergartners in Miami’s 30 elementary schools will be eligible for savings accounts.

“This is the right idea, at the right time for absolutely the right students,” said Miami-Dade County Public Schools Superintendent Alberto Carvalho.

The City of Miami is investing in the future, and the future is kids.

“So many individuals actually believing that empowering kindergartner students with a savings account to build revenues towards college tuition could be possible,” said Carvalho, “and that’s exactly what we’ve launched.”

Kindergartners attending public schools in the City of Miami can now get a savings account with a deposit of up to $50.

“Here’s an approach that will benefit 30 elementary schools in the City of Miami, feeding five high schools, eventually spreading to the entire county to provide savings accounts for college for every single kindergartner student in Miami-Dade,” said Carvalho.

Kindergartners from 30 public elementary schools throughout Miami will be given their own free savings account starting Dec. 6.

The new initiative, in partnership with Future Bound Miami, aims to help more students access higher education.

“I just think that it’s a perfect opportunity for me to plan for my child and also try to teach her some financial responsibility,” said Jo-Lyn Dixon, a parent.

Depending on their financial need, $25 or $50 funds will be dispersed to students.

“If we make a small investment in children, that investment will pay off in terms that we could never imagine,” said M-DCPS Board Member Martin Karp.

“Over the next couple of years, we will grow to the entire county, touching all zip codes,” said Carvalho.

According to research, students with even small savings accounts are three times more likely to enroll in college and four times more likely to graduate.

“The kids are smiling. The conversation is happening. That’s what’s important,” said Children’s Trust President Jim Hodge. “It’s really the conversation that ensues. It’s not necessarily the investment, but the conversation that ensues and the mindset that takes place about their future.”

Parents of eligible children will have a month to activate the free accounts. There are no fees, no minimum deposits, and the students will not be able to access the funding until they are 18.

 

News

Share

Share on Facebook
Share on Twitter
Share by Email

Related

Holistic Life Foundation to Host 14-Day Self-Care Challenge on Instagram Live
Holistic Life Foundation to Host 14-Day Self-Care Challenge on Instagram Live
Read more
Catalyst Miami Logo

Copyright© Catalyst Miami 2020

Created by Code Nation using NationBuilder