Treasurer Tishaura O. Jones recently hosted a St. Louis College Kids “Family Savings Night,” 1st Financial Federal Credit Union, to help save money for their children’s higher education.
Every child in a public or charter school in St. Louis city, in kindergarten through 3rd grade, has a College Kids savings account. Every account starts with $50 from residual parking revenue, and grows from families’ personal deposits, incentives for good attendance, and donations from the public.
The St. Louis College Kids Program has now helped over 12,000 St. Louis Public School students start educational savings accounts since it was founded by Jones. Nearly $900,000 has been saved by city students, helping more city children plan to get a higher education.
“I did not even consider beginning college savings,” said Lakesha Dean, whose daughter attends St. Louis Language Immersion School. “It didn’t seem feasible. But with this program I’ve found money to invest. I’m so thankful.”
Research shows that children with less than $500 saved are three times more likely to enroll in higher education, and four times more likely to graduate, than children without college savings accounts.
“There is no better investment than the future of our children,” said Jones said. “We must do everything we can to invest in our children’s education, their well-being, and the future of our community.”
Seventy students attended Family Savings Night and deposited their $20 bonus bucks for attending. There were a total of $1,981 in total deposits made on site, including personal deposits by family members.
Family Savings Night also featured an art contest. Students were asked to draw what they wanted to be when they grew up or where they want to go to college and what they will look like there. First and second place awardees received a $100 or $75 scholarship, provided by 1st Financial and Regions Bank.
To access an account, learn more, or donate to help other families save, please visit www.stlcollegekids.org.
