City of St. Louis savings program helping ease college expense b - KMOV.com

City of St. Louis savings program helping ease college expense burden

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ST. LOUIS, Mo. (KMOV.com) – A new program in the City of St. Louis is aiming to ease a little bit of the college expense burden for families.

Starting Tuesday, kindergarten students will receive a $50 account opened in their name specifically for college savings.

The St. Louis Treasurer Tishaura Jones said Missouri is one of the states with the highest number of unbanked families, meaning those families don’t use a bank account for their daily transactions. The goal of the savings program is to help children and families take financial education seriously.

The money for the program comes from parking fees.

“Through incentives and bonuses, children will be able to add money into that account. Those bonuses include $1 per week bonus for perfect attendance, $50 for parent’s participation and financial education courses offered here in the office of financial empowerment or online or via a phone app that’s in development,” Jones said.

The saving’s program also has a match savings incentive of up to $100. So, if parents were to put $40 into the account the city will match it.

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