Why kindergarteners started saving for college

I love the podcast called The Best One Yet. In one of their daily episodes, I heard a really interesting story.

In San Francisco, there was a money experiment conducted with kids in the public school district. They provided a college savings account to every kindergartener and invested $50 into each child’s college fund. The program was called Kindergartners to College.

Participants were rewarded with additional funds if they checked their bank account or downloaded financial literacy documents. Twelve years later, they reviewed the results of this kindergarten class. By the end of high school, the accumulated amount in each account was $1,422. While this may not seem like a substantial sum for college expenses, it was considered a great success. Why? Because it turns out that having a college fund makes individuals more likely to believe they can and will go to college. The real benefit of the program was the positive shift in mindset.

Today, the San Francisco public school system enrolls every student, regardless of when they join. Additionally, 38 other states have adopted this program, benefiting 5 million kids who now have a college savings plan.

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