Did you know that children are 2-7 times more likely to graduate from college if they have a child savings account? Research from the Center for Social Development at Washington University in St. Louis (WUSTL) shows that even a small college savings plan can significantly improve college-going rates, regardless of household income. Children with savings of less than $500 are 25% more likely to enroll in college and 64% more likely to graduate than those without savings. While the financial benefits of these accounts are significant, the real magic lies in the positive psychological effects they create. By fostering a college-going culture early in a child’s life, families, schools, and communities empower children to meet the expectation of enrolling in and graduating from college.
The Power of a College-Going Culture
When a family saves for a child’s education, it does more than just accumulate funds. It establishes a belief that college is not only possible but expected. This mindset can be transformative, as children grow up with the understanding that higher education is a natural part of their future. The WUSTL study highlights that the amount of money isn’t as crucial as the expectation set by starting a savings plan early.
Community Involvement: A Key to Success
Imagine the impact if the entire community rallied around children, contributing to their savings from their baby shower through to their graduation day. This collective effort can significantly boost a child’s confidence and aspirations, reinforcing the belief that they are supported and capable of achieving their dreams. Disadvantages don’t define destiny; with community support and financial education, children from all backgrounds can succeed.
How YoorKids Can Help
This is where YoorKids steps in. YoorKids encourages community involvement in growing children’s savings, making it easier for families to build a robust financial foundation for their child’s education. The secret is, communities are eager to help—they just need a platform to do so.
Make Dreams Possible with YoorKids
YoorKids is dedicated to making dreams possible by connecting families with their communities to grow children’s savings and make financial contributions to child savings accounts a common gift. By working together, we can ensure that every child has the opportunity to succeed and reach their full potential. Join us in making a difference. Let’s empower our children to dream big and achieve more with YoorKids!
