Children with savings accounts are seven times more likely to attend college, according to research. Even modest savings have been shown to not only provide children with a foundation to begin paying for their educations, but childhood exposure to basic money management helps to build the financial skills they will need throughout their lives. Over the course of a lifetime, individuals with college degrees earn up to 75 percent more than those with just high school diplomas – nearly $1 million more in total.

Kindergarten to College began as a two-year pilot launched by the Office of the Mayor and the Office of the Treasurer in San Francisco along with the Department of Children, Youth and their Families, the San Francisco Unified School District and a number of non-profit organizations, including CFED, EARN, the San Francisco Foundation and the New America Foundation. In 2012, Mayor Edwin M. Lee and the Board of Supervisors approved funding to expand the pilot into a permanent universal savings program.

About Citi Community Development

Citi Community Development is leading Citi’s commitment to achieve economic empowerment and growth for underserved individuals, families and communities by expanding access to financial products and services, and building sustainable business solutions and innovative partnerships. Our focus areas include: commercial and philanthropic funding; innovative financial products and services; and collaborations with institutions that expand access to financial products and services for low-income and underserved communities. For more information, please visit  www.citicommunitydevelopment.com.

Copyright Business Wire 2010

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