Mayor’s Minute: A new financial literacy program for local kids.
As part of our efforts to increase financial literacy + decrease the effects of income volatility for residents in our city, the City of Columbia Community Development Department in partnership with Richland School District One staff and South State Bank have created the Children’s Savings Account (CSA) PILOT Program for students at Watkins Nance Elementary School (near the Waverly neighborhood).
The program will basically teach local kids what it means to save money – and helping families by encouraging saving; increasing the number of households that are banked; raising educational expectations + enabling children and their families to build college savings.
I think many of us wish our schools would have taught us more about #adulting, so this is a major way for us to prepare our children for the real world and reward them for doing so. 🔑
Each account will be monitored to see if deposits are being made throughout the year, and matching deposits will be made periodically – managed by the City’s Community Development Department’s “Bank On” Columbia Program Coordinator, school staff + South State Bank. The program will also engage local businesses to contribute.
As a city, we are invested in all of our residents – young and old – and we’re excited to see the results of this exciting program.
Best,
–Mayor Steve Benjamin
The Children’s Saving Account program is such an awesome idea – something that would’ve definitely been cool to have when I was a little kid. When you’re 6-years-old, you work so hard doing chores around the house so you can go buy that $10 toy you played with for a week. But imagine what you could’ve bought if you kept saving your chore money time after time… definitely something you’d appreciate a little more.
– Sam
