BOSTON (AP) — Kindergarteners in Boston are getting a unique back-to-school gift: $50 deposited into their very own savings accounts.
Boston Mayor Marty Walsh announced Monday that every kindergarten student in the city’s public school system will get the savings accounts and cash starting this fall as part of the Boston Saves initiative.
The effort also includes incentives for families to build the account for their child’s future. Families can earn up to an extra $65 from the city during the first year through regular contributions.
The accounts become available when the student graduates high school. It’s meant to help pay for college or job training.
Walsh says the effort expands a pilot program in place in about a dozen schools since 2016. Some 1,600 students have benefited from that earlier effort.