CINCINNATI — A newly launched city program will establish savings accounts for pre-school aged children who meet certain income levels.
The city launched the program on May 7.
The program is available for low and middle-income families, to help provide access for post-secondary education, the city's announcement said.
In the first year of the program, roughly 150 children will receive up to $553 towards a savings account through the Ohio 529 College Advantage Plan. The City of Cincinnati will contribute a $100 deposit, and a $53 deposit from Fifth Third Bank. From there, families will have the opportunity to earn incentive-based deposits totaling up to an additional $400.
"This is a powerful example of what can be accomplished when we come together and empower the future leaders of Cincinnati," said Mayor Aftab Pureval in a press release. "Our city and community stakeholders have done the work to understand the barriers holding far too many families back — and this program represents a thoughtful, intentional and significant investment directly toward breaking those barriers down. We want to build a Cincinnati where every child, no matter their background, has the opportunity and the belief that they can achieve their dreams."
Participating families who enter the program will also receive financial education and guidance through Fifth Third Bank.
The savings account program is being administered by United Way of Greater Cincinnati and in partnership with Cincinnati Preschool Promise.
To enroll, families of preschoolers enrolled in a Cincinnati Preschool Promise program can call 211 for more information.
"We know the financial burden of post-secondary education is a hurdle so many families cannot overcome. But we can help," said City Manager Sheryl Long in a press release. "We can built accessible pathways for children to achieve their full potential."
According to councilmember Evan Nola, the program was based on "proven" models used in other cities.
The program is a part of the city's Financial Freedom Blueprint, drafted as part of a strategy to address the racial wealth gap in Cincinnati. The blueprint was created after Cincinnati was selected by the national nonprofit Cities for Financial Empowerment Fund's CityStart initiative; as part of that initiative, Cincinnati received a $75,000 planning grant.
Another step from the Financial Freedom Blueprint, helping to ease medical debt for over 30,000 city residents, has also been launched. In 2024, Cincinnati City Council voted to set aside $2.1 million to pay for this program.
