The city of Rochester is partnering with various community groups and institutions to ensure that the next generation is on a path to financial success by saving money.
The R-Future Fund initiative is a citywide children’s savings account program designed to promote financial literacy and empowerment as early as kindergarten.
Officials said children who enroll will automatically receive a $20 dollar seed deposit and “opportunities to earn additional deposits by participating in program activities” like opening a library card or attending community events.
“It's about helping families begin to save early,” said Mayor Malik Evans. “It's about sending a message to every child in Rochester that their future matters, and this gives them the opportunity to reach their highest potential.”
City leaders agree that the R-Future Fund savings account program is a direct investment in the youths and in Rochester. Miguel Melendez, City Council president, said it’s like “planting a seed of economic opportunity at the very start of a child's educational journey”
“Over time, that seed will grow alongside each student,” Melendez said. “Reinforcing the message that their dreams matter, and Rochester is investing in their success.”
Patricia Leva, president and CEO of Junior Achievement of Central Upstate New York, one of the organizations involved in designing the program, said saving money at a young age also helps build character.
“They begin to see themselves as a planner, as a saver, as someone who works, and someone who has a very bright future,” Leva said.
Officials said the students will only be able to make withdrawals from their accounts after they’ve graduated high school or have earned a GED.
