San Francisco’s K2C, supported by Citi Community Development, is the country’s first universal college savings account program.
Through K2C every kindergartener in the San Francisco Unified School District is automatically given a college savings account with an initial $50 balance through Citi. The accounts:
Can be opened and managed electronically;
Offer additional funds for student eligible for the free and reduced lunch program;
Offer matching savings and increased household savings incentives; and
Includes grade appropriate financial education materials as the child progresses through school.
There are current approximately 8,000 accounts open with more than $180,000 in savings from participating families.
For more information on the program, please visit K2C’s website.
USMC also awarded the city with its annual DollarWise Innovation Grant. Awardees receive a $15,000 grant to be used to promote increased access to financial education. Grant funds are backed by the Bank of America Charitable Foundation.
OFE received the grant for its efforts including:
San Francisco Financial Planning Day, which offered financial services to 1,900 bay area residents; and
Conducting more than 150 financial education workshops with partner organizations reaching over 2,300 San Francisco residents.
To learn more about the DollarWise program, please visit its webpage.