Newark Public Schools has launched 'Newark Saves,' a program that provides every incoming kindergarten student with $25 toward a 529 college savings account to encourage early savings for higher education.

The initiative is a collaborative effort involving Newark Public Schools, the FOCUS Hispanic Center for Community Development, and financial institution Equitable, with additional incentives for actions like attending parent-teacher conferences and maintaining good attendance.

Local executive staff, including Newark's leadership and Alamo Insurance, have contributed over $18,000 combined to support the program.

Shané Harris from Prudential highlighted the company's commitment to financial security and economic mobility in Newark through initiatives like Newark Saves.

The program includes financial literacy workshops, bilingual outreach, and digital marketing strategies to engage families and promote participation.

City officials, including Mayor Ras Baraka and Senate Majority Leader Teresa Ruiz, emphasized the importance of early financial literacy and college savings to address economic disparities.

As the largest school district in New Jersey with over 41,000 students, Newark Public Schools plans to implement the program starting in the 2025-26 school year, supporting students' higher education aspirations.

This initiative is part of broader efforts to address the high costs of college, which average over $11,000 annually for in-state students and over $30,000 for out-of-staters, plus additional living expenses.

The program will include financial literacy courses for elementary students and their parents, aiming to educate families about financial management and college planning, with enrollment in 529 accounts managed by Equitable.

Superintendent Roger León emphasized the importance of early financial planning from kindergarten to reduce college costs and improve attendance and completion rates.

Families interested in participating can find resources and details at newarksaves.org.

Funding for the program was provided by Prudential Financial, which contributed $150,000, with outreach support from the Hispanic Center for Community Development.

Overall, Newark's 'Newark Saves' program reflects a strategic effort to empower children and families, fostering educational and economic opportunities from a young age.