Program Overview: The "I Can Save" program, launched fall 2011 by Junior Achievement of Mahoning Valley with financial support from The Raymond John Wean Foundation seeks to teach financial literacy to students and their parents/guardians and to instill hope in their child's future.
The Partners, Contributors, and Funders
- The project is being operating by Junior Achievement of Mahoning Valley
- The accounts are held at PNC Bank
- Funder The Raymond John Wean Foundation
Goals of I CAN SAVE:
- I CAN SAVE is based on the idea of empowering young people to create more opportunities for their future. The goal is to start building an expectation for our children about succeeding in life. Having savings to go with those expectations helps to make those dreams a reality.
- I CAN SAVE is designed to help students develop a habit of regularly saving, and making wise spending choices. Students can ultimately invest in a productive asset such as a college education, home or a small business.
Research about Savings: Why are children's savings initiatives so promising, and what kind of impact are they likely to have on children and families?
- Saving provides opportunities for economic mobility. Assets play an important role in helping families move up the economic ladder. The children of parents who own assets – regardless of income – are more likely to have higher academic achievement and complete more years of education. In one study, children in families with as little as $3,000 in savings had greater odds of graduating from high school than children in families without savings. http://csd.wustl.edu/Publications/Documents/WP10-01.pdf
- Saving increases expectations for the future. People who own assets are more likely to have a more positive outlook and higher expectations for their futures and the futures of their children. Also important are the expectations of the children themselves. Interviews with children show that they begin to formulate ideas about their futures – including college attendance – as early as elementary school. Other research suggests that having savings increases a child's expectations about attending college; in fact, children with college savings are nearly twice as likely to plan to attend college as those without savings.
- Children and youth can build meaningful savings while learning about money and finance. Accounts established early with a modest initial deposit and incented with matched savings to grow throughout childhood can be expected to produce significant account balances by age 18. In addition, financial education – a key component of children's savings initiatives – is a powerful companion to ownership of an account, and helps young savers and their families to build financial aspirations, knowledge and skills.
- To learn more about the benefits of children's savings accounts, please follow this link: Scholarly Research on Children's Savings Accounts
For more information about the I CAN SAVE program, please contact the JA office at 330-539-5268, or email Kim Urig at email@example.com