Since state lawmakers continue to slash higher education and raise college tuition and fees, it’s become imperative to start saving for college when you're five.
That’s pretty much why Mayor Gavin Newsom on Tuesday kicked off the nation’s first Kindergarten to College program, which creates a savings account for every kindergartner entering public school in San Francisco. Even better, The City will drop some seed money into the accounts, giving parents a leg up.
Philanthropic foundations will provide cash matches and incentives to encourage families to save. Emerging research shows these accounts can be a cost-effective investment to boost academic performance, and increase savings and financial literacy.
One in three San Francisco children is born into a family with no savings or assets of any kind, according to the City Treasurer.
“There’s no better long-term investment we can make as a city than helping our kids go to college, and Kindergarten to College will provide working families with the financial tools to turn a college education for their child from a distant dream to a practical reality,” Newsom said.