Foundation Cited as Leading Provider of Savings Accounts
We were honored recently to be mentioned in a presentation by the National Scholarship Providers Association as a national leader on providing children's savings accounts. We were mentioned as a "leading edge program" that not only provides college scholarships but also offers other services to benefit children of all ages.
"Forman Acton offers both Forman Scholars, who receive scholarships for graduating from Salem City High School by application, and they've also launched a fund called the Acorn Fund, which is a broader-based initiative to create and invest in child savings accounts for all the kids across Salem City," said Carl Rist, Senior Director of Children's Savings for the financial empowerment organization CFED. "So, it's a universal citywide savings program along with their deeper Forman Scholars scholarships."
The presentation was intended for members of the NSPA to teach them about how to best implement similar programs across the country, and the importance of doing so. Some of the reasons mentioned for why we and other organizations view these programs as important included that they:
- Help families afford college.
- Encourage students to prepare for college.
- Encourage parents to expect more of their children.
- Reduce stress for parents.
- Help students complete college.
- Help students be financially stable after college.
"The work that we are doing starting college savings, then supporting after school, and then summer programming, and finally offering scholarships, is a path that I think will change the culture and possibilities in Salem," said Foundation President Kathryn Markovchick.