Inversant Partners with Two New Initiatives to Boost Children's Savings in Massachusetts
The cost of education and student debt is on the rise in America, a story told frequently in local and national news. So how does a low-to-moderate income family begin to save money for their child to get a post-secondary education? The key actions are to start saving early and make smart financial decisions.
Driven by the belief that higher education should be accessible to all children, regardless of income background, Inversant was founded more than nine years ago to engage families in Massachusetts to save for their children's future. With partnerships in Boston, Chelsea, Revere, Lynn and Salem, MA, Inversant provides the knowledge and resources families need to reach their goals for higher education.
Inversant is increasingly recognized as a leader in the Children’s Savings Account (CSA) movement for our combination of deep parental engagement and meaningful incentives for savings towards higher education. There are currently more than 580 Inversant students who have gone on to college, representing 94% of our high school graduates. As of the fall of 2017, 88% of Inversant alumni are still enrolled in college after one year of attendance. This is much higher than the national average of 68.7% and even higher than the one-year persistence rate (the share of students who continue college at any institution in their second year) of Boston Public Schools, 66%, which is representative of the population we serve.
Sharing the same vision and values of parental engagement, Inversant is excited to partner on two new initiatives, SoarMA and Boston Saves, to establish CSAs in middle and elementary schools across the state.
“Inversant will be the only CSA program in the country for statewide and city-wide combination of savings and financial literacy,” Inversant CEO Charlie Desmond said. “This allows our research and evaluation work with the Federal Reserve Bank of Boston to have more impact, affecting policy and best practice in shaping the CSA movement.”
Here’s a little more about the initiatives Inversant is supporting:
Middle School Families Signing on for SoarMA
Inversant recently partnered with the Massachusetts State Treasurer and the Massachusetts Educational Financing Authority to create a two-year pilot program called SoarMA. This initiative provides a matched savings program and a financial education curriculum to parents of eligible 7th-grade students in five pilot communities in Massachusetts: Haverhill, Lowell, Pittsfield, Springfield and Worcester.
Boston Saves Program in Elementary Schools
Newly launched in the Boston Public School system, Boston Saves provides each participating kindergartner with an account that includes $50 for college or career training. The program lets parents earn rewards, track saving progress and gain helpful financial tips—all in one place. The “pilot” version of the program is currently available in 11 Boston public elementary schools, but will hopefully expand to all schools in the fall of next year.
As saving is an inherently future-oriented action, children with savings accounts develop a strong sense of their future possibilities, including college, career, home ownership and economic stability. Inversant’s goal to expand our financial literacy curriculum outreach will be key to not only higher education attainment for college-age family members, but more importantly, the entire family’s future prospects.