Credit Union Gives $300,000 to Start Children's Savings Program
The CP Federal Credit Union Board of Directors approved a $300,000 donation to the Jackson Community Foundation to start the Jackson Saves program. Jackson Saves is a children’s savings account to help kids save for post-secondary education expenses.
In collaboration with the Jackson Community Foundation, Jackson County Intermediate School District and CP Federal, the Jackson Saves program will help set students up for success by giving a savings account (and initial deposit) to all kindergartners who attend an eligible Jackson Public School (or public charter).
CP Federal has committed $300,000 to fund the first three years of the program. Students can continue to make deposits and earn interest on their funds until they are 18 years old. The funds will then become available for post-secondary education use or training in a skilled trade. The program is set to launch in the 2019-2020 school year.
Earlier this year, CP Federal received a $19,000 grant from the Michigan Credit Union Foundation to support phase one of the program, which allowed for the purchase of money management-focused books that will also be provided to each kindergartener in Jackson County.
“CP Federal has been a leader in financial education since 1991, and we view this program as the next step in helping our youth to invest in a brighter tomorrow. Studies show that when students save for their future, the chances of them completing a post-secondary education increases exponentially,” CP Federal Director of Financial Education Sheila Troxel explained. “36.3 percent of Jackson sits at or below the poverty level and every day we meet students who express an interest and desire to start saving, but simply do not have the means. What we’re looking to do is change that conversation and set kids up for success.”
Following in the footsteps of other communities that have established similar programs, such as Lansing and Barry County, the Jackson Community Foundation, Jackson County Intermediate School District and CP Federal will work together to establish, administer and monitor the accounts as well as encourage additional deposits from the children, their parents and others to ensure success.
Additional partners and supporters will also be sought to continue the legacy of building brighter futures for students. If you would like to contribute to the Jackson Saves program, please contact Monica Moser, president/CEO of the Jackson Community Foundation, at (517) 787.1321.