The City of Cincinnati has launched a new program aimed at helping low- and middle-income families by establishing savings accounts for pre-school-aged children. This initiative is designed to provide financial support for post-secondary education.
In its first year, the program will assist approximately 150 children. Each will receive up to $553 for a savings account through the Ohio 529 College Advantage Plan. The City will contribute $100, while Fifth Third Bank will add $53. Families can also earn additional funds through incentive-based deposits, totaling up to $400.
“This program shows the impact we can make when we unite to support the future leaders of Cincinnati,” said Mayor Aftab Pureval. “By addressing the barriers that hold families back, we are making a meaningful investment in their future. We want every child in Cincinnati to believe they can achieve their dreams, regardless of their background.”
In addition to the savings account, participating families will have access to financial education and advice through Fifth Third Bank.
The program is being managed by the United Way of Greater Cincinnati in partnership with Cincinnati Preschool Promise.
Families with children enrolled in a Cincinnati Preschool Promise program can call 211 for more information on how to enroll.
City Manager Sheryl Long emphasized the financial strain many families face when it comes to paying for higher education. “We can help create accessible paths for children to reach their full potential,” she said.
Councilmember Evan Nola noted that the program is based on successful models from other cities.
This initiative is part of the City’s Financial Freedom Blueprint, which aims to reduce the racial wealth gap in Cincinnati. The blueprint was developed after the city was chosen for the national Cities for Financial Empowerment Fund’s CityStart initiative. As part of this initiative, Cincinnati received a $75,000 planning grant.
In addition to the savings program, another aspect of the Financial Freedom Blueprint is a new effort to help reduce medical debt for over 30,000 Cincinnati residents. In 2024, the City Council voted to allocate $2.1 million to fund this program.
