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The city of Rochester’s R-Future Fund aims to support economic mobility and equity for children and their families through continuous financial education and support.
The program, also known as a children’s savings account program or an early wealth-building initiative in other cities, is set to begin next spring and plans to eventually provide each kindergartner with a $50 seed deposit into a savings account. Those experiencing poverty will receive an additional $100.
The pilot program will be on a smaller scale, with 500 to 1,000 kindergartners and a smaller initial seed deposit (less than $50).
When the city’s Office of Financial Empowerment began in 2023, says Angela Rollins, director, “children’s savings account programs kind of came to the top of my list of things we should be prioritizing,” given the city’s high childhood poverty rate.
“What we’re really thinking about this program is, how do you create a multiplier effect and connect these kids and their families to these different asset-building opportunities?” Rollins adds. “And it all starts with a small-dollar savings account, which I think is so, so incredible, because there’s other program models, such as guaranteed basic income, which has become very popular nationally, but that’s a very high investment.”
Currently, there are 2,400 kindergartners in Rochester. The program aims to eventually enroll all children in the city, starting from kindergarten each year, so that in 13 years, the program will have established savings accounts for children from kindergarten to 12th grade.
The city received a donation of $244,000 from ESL Federal Credit Union in 2023 to support the creation of the savings accounts and partly fund the seed deposits. Canandaigua National Bank also donated $50,000 in August, which will cover operational expenses for the first year of the program.
Rochester’s program also includes a citywide campaign for parents to contribute $3.75 a month to children’s savings accounts, adding up to $585 from kindergarten to 12th grade—the same number as Rochester’s area code.
These funds are accessible after a student has graduated or obtained a GED and are restricted to post-secondary education, workforce training, or asset-building. If a student does not graduate or obtain a GED, the grant money used to fund that student’s account will be returned to the program. Students would still be able to withdraw any money their family put into the account, however.
Aside from a seed deposit, participating children and their families will be eligible for action-based incentives, such as signing up for a free library card and participating in free financial education through community partners. This will enable the program to continue depositing funds into the child’s bank account over time.
The program is designed to be universal and accessible to families who are not sure where to start with saving, with materials available in multiple languages. It aims to connect families to various financial resources and opportunities.
“We’re trying to think about how to make it as easy as possible for a family to start saving for their child,” says Rollins.
The process for registering for the program is still being developed, but more information for families will likely be available toward the beginning of 2026. The Office of Financial Empowerment is seeking additional funding sources to ensure the program’s continued operation after its pilot launch.
According to the Office of Financial Empowerment, community members can:
■ fund seed deposits or equity bonuses;
■ support financial education or community-based incentive activities; and
■ invest in a $10 million endowment for permanent sustainability through the Rochester Area Community Foundation’s “One City 2 Fund”
Alefiya Presswala is a Rochester Beacon contributing writer and member of the Oasis Project’s second cohort.
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When I attended #22 school in the 1950’s we had a regular banking program that was a classroom activity on a set day. I think it was once a month? Kids could bring $ to school and go through the process of bank depositing. It was a great lesson in learning to save for the future. I am SO glad to embrace this initiative as a community member and this version makes it possible for me to help establish a “seed” account for one kid or contribute in other ways for those who have the means to do so. I am grateful. Albert Schweitzer said, “You are not able to change the world but you are able to give hope to one human being.”
I can recall growing up in the Brighton Central School District back in the ’50s that students were afforded an opportunity to open a savings account to which they contributed as little as a quarter every month. I don’t recall whether it was First Federal or the Community Savings Bank that held the accounts. It was not only rewarding seeing these accounts grow over time, but it taught us the value of savings and introduced us to the banking world and financial discipline.