A child is 7 times more likely to attend college if she has a savings account in her name
A savings account opens the door to college and financial stability. Opportunity Fund leads the nation in microsavings.
When you can’t pay rent and have to choose between feeding your kids and going to the doctor, building savings seems out of reach. We’re proving it’s possible: With an average monthly income of just $1,830, our savers put away $90 each month in pursuit of a better life. We help people build an everday savings fund or to save for college. And the transformation continues from there: low-income households continue to save each month; open savings accounts for their children; and pass along financial habits and information to the next generation.
Learn How it Works: Microsavings
- Working families have too little in the bank
- Classes teach financial skills
- Families start to save $20+ each month
- Donors match deposits 2:1 as savings grow
- Lives change
1 in 5 Californians has less than $1,000 in the bank. And only 8% of children from low-income families finish college. It's hard to think about putting money aside for college when you can't even cover the unexpected car repair or doctor visit.
A savings account can make all the difference: A child with a savings account in her name is seven times more likely to attend college. A mother with just $1,500 in savings is prepared to face the unexpected, ending a destructive cycle of debt.
We believe savings and financial education are the foundation everyone needs to build financial stability. Every $1 our low-income clients save is matched by $1 from our donors and $1 from us, along with financial education classes that cover topics like: budgeting, credit repair, and goal-setting.
After she’s reached her savings goal, the financial education; newly formed savings habits; and sense of accomplishment are what provide the real hand-up, charting a new course for her and her family.
Total deposits & earnings: $16,469,920
Savings accounts: 4,631
Hours of financial education: 55,620
Women savers: 70%
Ethnic minority savers: 89%
Average household income: $22,000
Percent that keeps saving: 75%
Parents inspired to teach their kids to save: 70%
MicrosavingsKiaraEast Palo Alto native Kiara saved $6,000 and achieved her dream of graduating from Wesleyan University.
MicrosavingsJackieOpening a savings account gave Jackie hope that she could achieve financial stability.
MicrosavingsMelissaOpening a savings account gave Melissa financial stability
MicrosavingsGilbertoGilberto put himself through college at UCLA with the Opportunity Fund Savings.
MicrosavingsInesEnrolling in the microsavings program helped Ines build her party supply store.
MicrosavingsChrisOpportunity Fund helped Chris start saving for college