Nonprofit helps children save for future
Watch Ona Porter on KRQE News speaking about Children Savings Accounts in New Mexico.
ALBUQUERQUE (KRQE) – Reports show nearly a third of New Mexico’s children live in poverty, a statisticProsperity Works would like to change.
That’s why the Albuquerque-based nonprofit plans to set up 15,000 local kindergartners in low-income areas with savings accounts.
“Particularly in New Mexico where we have so many people living in poverty, the idea of seeding a children’s account is really seeding a future for them that they wouldn’t otherwise have,” President/CEO of Prosperity Works, Ona Porter, said.
Prosperity Works president and CEO Ona Porter says they looked at how many students are eligible for free or reduced meals, then chose about a dozen schools to launch this pilot program in August.
Porter is not saying just yet which schools those are.
She’s aiming to have donors help each kindergartner in those schools start with $500 in savings.
Prosperity Works will continue to manage the accounts as the students advance into high school, even getting family involved
“So there will be additional money put into accounts if a parent gets their child to school on time, if they’re participating in teacher meetings, if they’re joining PTO, taking a parent education class, if they are improving their own educational level.” Porter said.
The students will be able to withdraw from their accounts when they graduate if they use the money for college or to invest in other assets later in life, like a home.
Prosperity Works is hoping the means for a brighter future Sunday will motivate students to make better decisions Saturday.
The money going into these accounts will come from donations or people who want to sponsor a child.