Asset Building for the Future at LIFT-New York
One way LIFT-New York provides support for families is by helping them with asset building for the future. Research shows that a young person whose parent has invested between $1 and $500 in a savings account is five times more likely to graduate from college than a student with no savings in their possession. Therefore, we are thrilled that this month we helped our first two families open up 529 College Savings Accounts (CSA’s) for their children!
One mom, Alitha, has been coming to LIFT since her son was two months old. Micah, now eleven months old, loves to be read to. Alitha wants the best education for Micah and made the decision that opening up a CSA would be one step closer for Micah to attend and graduate from college. She opened up a 529 account with a $50 deposit with Micah by her side.
Another mom, Marbella, who overheard the process of Alitha opening up a 529 account, immediately became interested and opened up two 529 accounts, each with a $100 deposit, for both her children. Like Micah, Marbella’s children, Sarai and Pedro, were also there to witness this process. Marbella first started coming to LIFT when she was pregnant with Pedro who is now six months old. Sarai is two and a half and is starting daycare in the summer!
Our CSA program is just one of several areas of support we are focusing on with our families. We are committed to helping parents save for the future to ensure that their children have the best opportunities possible. These two moms have taken a significant step towards a stronger, more solid foundation for their children’s future. We remain committed to helping these moms – and many more families – continue to invest in these CSAs over time.
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