The new school year is underway for students and Mayor Walsh has announced plans to help some of the city’s youngest learners save for their future.
Walsh announced this week that every kindergarten student in the city’s Boston school system will receive $50 for their savings accounts.
This is part of a new initiative called Boston Saves. If students don’t already have savings accounts, the city will create one for them.
“Throughout its three-year pilot program, Boston Saves has proven to be an essential part of providing families with the tools to save for their children’s post-secondary future,” said Mayor Walsh in a statement. “I am pleased to announce the citywide expansion of Boston Saves, providing more families with these resources and strengthening the investment we are making in Boston’s youth.”
Boston families can help their child make more money. The initiative offers incentives to families. For example, if a family saves $25 for their child in a three-month period, Boston Saves will add another $5 to their child’s account. Boston families can earn up to $65 in incentives for their child’s Boston Saves account in the program’s first year.
Students can access these accounts when they graduate high school. The goal of this program is to help students save for college.
That is not the only help Boston students are getting from the Walsh administration. Boston School students in grades seven through 12 will be able to ride the MBTA for free during the school year.
Currently, 20,000 students who live more than two miles from school were able to ride the T for free. Now, with the new plan, that number will increase to 30,000.
This plan includes students who attend charter or private schools as well.
The plan was part of Walsh’s budget that was passed earlier in the summer.