City’s R-Future Fund initiative underway

Rochester has launched R-Future Fund, a pilot program that opens a savings account for every child entering kindergarten and aims to build financial literacy among them for the next 13 years.

Residents enrolled in kindergarten for the 2025-2026 school year or who will be enrolled this fall are eligible to participate in the pilot. Each participant will receive a $20 seed deposit in a savings account, with an additional $20 for children living in the city’s poorest ZIP codes: 14605, 14608, 14611, and 14621.

During the participatory period, children are eligible to earn additional deposits by opening a library card or attending a community event and other activities. Families will also be connected to resources that can empower them in reaching their financial goals, including:

■ free financial counseling and tax preparation services,

■ affordable banking options, and

■ first-time homebuyer grants.

Funds are accessible only after a student has graduated high school or obtained a GED and are restricted to postsecondary education, workforce training, or asset-building. A student who does not graduate or obtain a GED will see their grant money returned to the program. They would still be able to withdraw any money their family put into the account.

The initiative is designed to help children and their families begin to build toward future educational, career, and financial goals through savings and financial education. Research shows that a child with a designated savings account from $1 to $499 is over four and a half times more likely to graduate from college than a child with no savings account.

“By creating an account for every Rochester student beginning in kindergarten, we are planting a seed of economic opportunity at the very start of a child’s educational journey,” said City Council president Miguel Meléndez, “Over time, that seed will grow alongside each student, reinforcing the message that their dreams matter, their futures matter, and Rochester is invested in their success. When these students graduate, they will not only have a diploma, they will have access to resources that can help them take the next step.”

There are 2,400 kindergartners citywide. The program aims to eventually enroll all children so that, in 13 years, it will have established savings accounts for Rochester’s children from kindergarten through 12th grade. 

The city received a $244,000 donation from ESL Federal Credit Union in 2023 to support the creation of savings accounts and to partly fund the program’s seed deposits. Canandaigua National Bank donated $50,000 in August, which will cover operational expenses for the first year of the program. 

“The seed deposits for approximately 1,300 kindergartners represent more than just dollars sitting in an account. They represent opportunity, economic mobility, and an investment in the next generation,” said John Paul Perez, ESL’s director of community impact.

“Think about that person that is getting ready to go into kindergarten,” said Evans. “Think about them, and think about what we want them to be when they’re 17 or 18. I know that seems like that’s far away, but that’s what this investment is all about … sowing those seeds for the future.”

At the announcement of the pilot program, Evans drew on his own experience with a childhood savings account.

“I am decent with money,” he said, “because I started understanding it at a very, very early age.”

David Wazana is a Rochester Beacon contributing writer and a member of the Oasis Project’s second cohort. Narm Nathan is a Rochester Beacon contributing writer and a member of the Oasis Project’s inaugural cohort.

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