Juma Ventures Children s Savings Accounts

Transcription

1 Juma Ventures Children s Savings Accunts 1

2 Yung peple wh have a savings accunt in their name are three times mre likely t enrll in cllege and fur times mre likely t graduate. 1 Assets and Educatin Initiative. (2013). Building Expectatins, Delivering Results: Asset-Based Financial Aid and the Future f Higher Educatin. In W. Ellit (Ed.), Biannual reprt n the assets and educatin field. Lawrence, KS.

3 A fur-year cllege degree is wrth, n average, $1 millin in additinal lifetime earnings. But nearly half f all adults have a high schl degree r less. 2 US Census: Educatin and Synthetic Wrk-Life Earnings Estimates, US Census (2011).

4 Children s Savings Accunt Aligning Three Best Practices Leverage Technlgy t Imprve the Participant s Experience CllegeSet prvides a game-like interactin that rewards psitive financial behavir. Students unlck badges by cmpleting milestnes n their path t a fur-year cllege degree. They als enjy 24/7 access t accunt activity and receive regular text messages ntifying them f their prgress and their peers prgress tward savings gals. CCAM Cncepts Leverage Scial Netwrks as a Means f Facilitating Psitive Financial Behavir Change Savers are incentivized with tangible rewards t delay gratificatin and make smart financial chices. The applicatin helps build cmmunity amng yuth participants, using scial media t share prgress, increase accuntability, and prmte savings. Cuple Imprved Tls fr Educatin with Well-Designed Financial Services The applicatin is highly integrated with each student s accunt, autmatically ntifying, incentivizing, and hlding student savers accuntable fr their financial decisins. Juma Ventures Children s Savings Accunts 4

5 CllegeSet Facebk App Gamificatin f the Cllege Savings Experience CCAM Cncepts Juma Ventures Children s Savings Accunts 5

6 CllegeSet Facebk App Gamificatin f the Cllege Savings Experience CCAM Cncepts Juma Ventures Children s Savings Accunts 6

7 Key Perfrmance Indicatrs Yuth Outcmes and Evidence f Effectiveness CCAM Cncepts Ttal savings: Students saved n average $309, up 24% frm the previus year s baseline. Regular savings behavir: 76.8% f yuth made at least five cnsecutive depsits. Yuth made an average f 5.1 depsits int their accunts, as cmpared t 1.8 depsits in Cmpletin f milestnes: On average, yuth earned 88.1% f the $1,000 in incentives. Academic achievement: 99% f high schl senirs graduated frm high schl and 99% enrlled in pst-secndary educatin. Juma Ventures Children s Savings Accunts 7

8 Children s Savings Accunt Features f the Accunt Hw CllegeSet is Different Ease f Entry T pen a savings accunt, CllegeSet needs nly a student s name, mailing address, and student ID number (as ppsed t the typical W9 and scial security number). Eliminating barriers t entry allws mre families t pen bank accunts and enter the ecnmic mainstream especially undcumented families. Scalability The new CSA platfrm can accmmdate CCAM Cncepts up t 2,000,000 accunts. Bulk barding allws CllegeSet t pen thusands f accunts in hurs, nt weeks. Autmated incentives dramatically reduce staff time and administrative verhead Transparency With BAI2, CllegeSet recnciles accunt infrmatin daily. Students and their families can visit ur nline prtal and watch their savings grw. Natinal Partnerships CllegeSet maintains a unique natinal partnership with Citi, which has develped the mst advanced match savings platfrm in the cuntry. Our business banking relatinship ffsets accunt fees, ensuring a fee-free experience fr ur families. Juma Ventures Children s Savings Accunts 8

9 CllegeSet Expansin Scaling within KIPP s Natinal Ftprint CCAM Cncepts In , CllegeSet will serve an additinal 6,800 students in the San Francisc Bay Area, Chicag, New Yrk, Hustn and Washingtn, DC. Over the next five years, we lk t realize the visin f a savings accunt fr every student in the KIPP netwrk, which currently serves 50,000 yung peple at 141 schls in 21 regins. Juma Ventures Children s Savings Accunts 9