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.
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.