$100 in savings for each Rapp kindergartner
FamilyFutures will ‘seed’ MyFuture accounts with $100 for each current kindergartner
FamilyFutures will ‘seed’ MyFuture accounts with $100. Page
“We envision a future in which Rappahannock County students will graduate with a plan for their future, financial capability and resources, and academic and personal skills to pursue that plan confidently and successfully.”
So said FamilyFutures’ board chair Alexia Morrison, explaining during an appearance at the Rappahannock County Library last Friday that besides students, parents and other county residents will have opportunities to develop financial knowledge and skills through workshops and one-on-one counseling from financial coaches receiving training for national certification through Family Futures support.
The FamilyFutures program of matching savings and financial education in Rappahannock County is the first in Virginia and one of a very small number in rural communities around the country.
Realizing the vision, board members and supporters know, won't be easy, as it involves many layers. The foundation is a financial education process designed to encourage development of life skills in addition to financial knowledge. A personal savings account is a key tool to engage students in the education process. FamilyFutures is also funding a financial education coordinator for RCPS to work with teachers on student financial and life skills.
“It is easy to focus on the savings accounts,” says board member Rosa Crocker, a past school board representative. “But the accounts are a tool to achieve the deeper mission: developing personal skills necessary for success in further education, careers, and life in general.”
Later this month, FamilyFutures will “seed” the MyFuture accounts with $100 for each current kindergartner. Students can earn additional incentive deposits, up to $100 a year each year through graduation, for a total of $1,400, plus interest.
Oak View National Bank, with a new office on Main Street in Washington headed by Rappahannock resident and banker Jason Brady, is hosting the custodial accounts and offering a very generous interest rate on deposits.
“We are thrilled to partner with FamilyFutures, not just with on-the-ground support of housing the MyFuture accounts, but as a true partner in FamilyFutures' vision to equip Rappahannock County students with ongoing financial education and a plan for their future,” says Michael Ewing, vice chairman and CEO of Oak View National Bank. “This presents a tremendous opportunity for the students and families of Rappahannock county and aligns perfectly with our commitment to the community.”
The additional deposits will be made when students meet age-appropriate goals defined in collaboration with the schools and teachers. And each new generation of kindergartners will have MyFuture accounts.
Rappahannock County Public Schools Superintendent Shannon Grimsley says the MyFuture program “will be an integral part of the curriculum, helping RCPS enhance and enrich the Profile of a Graduate conceptual framework embedded in our own Comprehensive Plan. By actively engaging with families at the earliest stages of their children's educational careers, we can open so many opportunities and pathways they may have never dreamed possible. I am thrilled to be a part of this exciting collaboration!”
Jenny Kapsa, the financial education coach embedded in the schools, is leading the school based work with teachers and others to define and track student achievement. Kapsa offers a few examples.
“This year's kindergartners will earn some of their incentives by mastering sight words or participating in a classroom money activity with their teacher,” she says.
New incentive goals will be in place as students move from grade to grade. Some will be new, and some will build on existing class content and activities. For example, this year, students from the high school class in personal finance will read a topical book to kindergartners and talk about their own experiences with money and their plans after graduation.
Workshops for parents and others begin this month of January. A representative from Virginia's highly rated college savings plan will explain how easy it is to invest small amounts early in the state options, the high rate of return, and the tax advantages they offer.
The workshop will take place on Jan. 28 at 6:30 p.m. in the elementary school cafeteria. Discussions are also under way on linking with other Rappahannock nonprofits to offer the services to the widest possible number of households.
“FamilyFutures encourages anyone to participate in this and other workshops and rot learn how to create reserve savings for further education and training. Just as the MyFuture accounts promote a forward-looking focus for each student, encouraging families to be future oriented is also important to economic independence and stability,” says Debbie Massie, a FamilyFutures board member and retired speech language pathologist, who has worked with several youth and education initiatives in Rappahannock.
FamilyFutures emphasizes that planning, supporting and sustaining the long-term project is truly a community effort. Headwaters and an anonymous local foundation are providing generous financial support to get FamilyFutures off the ground. PATH has funded the software to allow FamilyFutures, Oak View, and the schools to coordinate information and deposits, and to measure program effectiveness. Many individual donors are also contributing to the program, accounts, and services for adults.
For more details on the accounts, workshops, and one-on-one financial counseling for residents contact FamilyFutures: info@family-futures. org
The program of matching savings and financial education in Rappahannock is the first in Virginia and one of a very small number in rural communities around the country.