The M&M Area Community Foundation (MMACF) has announced the upcoming launch of the Future Fund, a long-term children’s savings account (CSA) designed to build savings, assist with career training and post-secondary education expenses, and increase financial literacy among area youth. 

All kindergarten students enrolled throughout Marinette and Menominee Counties, as well as home-school and virtual school students, will have a $50 deposit-only savings account established by the MMACF at a financial institution in their community. 

“Our Future Fund is modeled after children’s savings accounts which have been established in sixty-five communities across the United States. The program will be the first in the country to cover all kindergarten students in two counties in different states,” Paula Gruszynski, executive director of MMACF said. “I am very proud of the MMACF Board of Directors for putting our communities on the leading edge of an initiative that is going nationwide.”

The fund officially launches this fall for the 2019-2020 school year. 

“The research is in …children with a savings account between $1 and $500 are three times more likely to graduate from high school, and four times more likely to pursue and achieve a higher educational level than children without any savings,” Steve Schahczenski, branch manager of Nicolet National Bank said. “Our bank was an early donor to the Future Fund, and we can’t think of a better way to support the youth of our communities than to provide a path to good financial literacy and education.”

The funds may be used for tuition, books and other necessary costs of attending school. If a student has special needs, withdrawals may be used to pay for accommodations for the student to attend school, life skills or career training.

Want more?

Watch WLUC-TV’s story on MMACF’s Future Fund.