Featured Financial Literacy Program to Highlight California Financial Literacy Month (April 2013)
The CAFLM Blog will feature financial literacy programs in March and April to highlight California Financial Literacy Month, April 2013. To feature your financial literacy program, see the CAFLM Blog post dated February 20, 2013.
Today we are highlighting:
Earn is an organization that seeks to improve the financial literacy of low-income, hardworking families by providing them with financial tools to save money. Research has shown that a pattern of saving is transformational and can change the lives of families for generations to come.
Our TripleBoost account is a savings program for low-income families that benefits their child’s education. With EARN’s TripleBoost Account, families receive $3 for every $1 they save for their child’s education. If families save up to $500, they receive $1,500 in match money, giving them a total of $2,000 to invest in a number of different academic enrichment programs while their child is in middle or high school. Examples of uses include tutoring, summer camps, after-school programs, music classes, school supplies, college or vocational training and more.
To qualify for TripleBoost, families must have at least one child between the ages of ten and eighteen, live in one of the nine Bay Area counties or Los Angeles, and earn 50-percent or less of the median income in the county they live in. Signing up is easy and takes less than ninety minutes in total. Simply take a short quiz, watch a brief orientation video, and fill out a pre-registration form. After receiving the application and survey in the mail, simply fill out the necessary information, show ID and sign final paperwork, then start saving!
The three-to-one matches come from individual donors, foundations, and non-profits with the funds being held in FDIC insured accounts at Citibank that can be accessed six months after enrollment through prepaid debit cards. Operating on a trust but verify system, families agree to use the account strictly for educational purposes, establishing positive saving practices and ensuring their children get the most out of their education. The TripleBoost Account only provides resources for education, but also helps build a pattern of saving that continues over a lifetime.