JACKSON Wyo. — Teton Literacy Center (TLC) has launched its Funding Futures pilot, the first Children’s Savings Account (CSA) program in Wyoming that is intended to address barriers to lifelong learning.
Funding Futures aims to shift family and student expectations, increase academic performance and long-term TLC retention and provide financial literacy and empowerment. TLC launched the program and gave 27 families the opportunity to open a savings account with US Bank locally and receive seed funds in a TLC omnibus 529. Families save funds in a child UTMA account and TLC seed, match and bonus funds are placed in the 529 accounts through Scholarshare.
In its short existence, the program has had an 85% participation rate, compared to the national average of 35%. As of Aug. 31, 87% of families had made additional deposits and over $14,000 have been saved for post-secondary success.
For Winter 2023 TLC plans to invite incoming Literacy Lab preschool families, along with SOAR summer program and Tutoring families of secondary students to join Pilot 2.
“We hope to continue to develop our pilot, share it and its success with community partners to look into growth or contingency plans so it can continue to support our Teton County families,” said Lina Collada of TLC.
