City of Saint Paul Mayor’s Office: College Bound Saint Paul
In 2020, the City of Saint Paul’s Office of Financial Empowerment will launch its college savings account program: College Bound Saint Paul. The new program will illuminate a pathway to a brighter future for both our families and the city. Every child born in the city will receive a savings account with a $50 seed deposit. Families can contribute to the funds and watch them grow over time with the child. College Bound Saint Paul gives families a strong foundation to invest in their children’s education and establish lifelong financial wellbeing.
Everyone benefits. When we invest in our children and create access to wealth-building services, the whole city thrives. Many families in Saint Paul face financial insecurity and particularly households of color. In fact, Saint Paul has some of the worst economic disparities, with 32% of households of color falling below the poverty line, compared to 4% of White households. Educational attainment is also sharply divided by race—fewer than one in five adults of color in Saint Paul have a college degree, compared to more than half of White adults.
As a community, we can leverage the city’s efforts to make college a reality for all. College Bound Saint Paul is an investment in our future by fostering a highly educated workforce and wider economic growth for the city.
