Presentation on theme: "Kindergarten to College Program Goals Create a College Going Culture A child with a college savings account in any amount is seven times more likely to."— Presentation transcript:
Kindergarten to College Program Goals Create a College Going Culture A child with a college savings account in any amount is seven times more likely to attend college than one without, regardless of income, race, or academic achievement. Reduce Financial Exclusion One in three San Francisco children are born into families with no savings or assets of any kind, one in two for African-American and Latino families.
Kindergarten to College Program Goals Increase Financial Literacy K2C will be the vehicle that incorporates financial education into our school classrooms as part of the math curriculum. Leverage private investment in San Francisco families K2C leverages private funds for savings matches and helps families earn money for college at significantly higher rates than they can earn by saving on their own.
K2C: The Basics Every kindergartener automatically receives an account at Citibank with an opening deposit of $50 from the City of San Francisco. An additional $50 deposit is provided to the accounts of children on the free and reduced lunch program. Consent forms must be signed to receive this bonus. Families can contribute to the accounts by mail, in-branch, by ACH or online. Matched savings and incentives are available to all families. $100 match for first $100 saved $100 save steady bonus Citibank voucher program Funding provided to SF Unified to support integrating the financial education into the curriculum.
Program Design Includes Main Success Factors For The Accounts o Auto-enrollment o Universality o Publicly funded seed accounts o Matched Savings Opportunities o Range of Deposit Options o Financial Education
Success to Date First accounts opened in May 2011 Total accounts 3,000 Additional 4,800 accounts each year Total family contributions $15,000 Median deposit $103 Total dollar value of accounts: $200,000 Currently in 37 schools By 2013, all 72 SFUSD elementary schools will be served Currently engaged in outreach to new parents at school events, teacher conferences Conducting extensive focus groups to assess interest
Thomson Family Foundation We support families working to improve their lives and the lives of their children. Our goal is to foster opportunities for families to increase their economic success and security by supporting community-based initiatives that improve access to education and asset-building resources and services.
Links www.k2csf.org k2c website with many program detail http://assets.newamerica.net/publications/policy/kindergarten_to_coll ege_k2c Case study from New America Foundation about the SF model http://www.1to1fund.org/ New organization that will support development of these programs