Mayor Malik D. Evans launches R-Future Fund as Rochester introduces its first citywide children’s savings account pilot program for local families

Rochester, New York – Rochester is rolling out a new citywide effort aimed at helping children build stronger financial futures from an early age, with the launch of its first-ever Children’s Savings Account pilot program.

Mayor Malik D. Evans announced the initiative alongside members of the City’s Office of Financial Empowerment (OFE) and community partners, introducing the R-Future Fund as a long-term investment in education, financial literacy, and opportunity for local families. The program is designed to give children a small financial head start while also encouraging families to learn and engage with saving habits over time.

The R-Future Fund marks Rochester’s first citywide CSA pilot, meaning eligible children will have a dedicated savings account opened in their name. City leaders say the goal is not only to put money aside, but to create a pathway that connects financial education with real savings growth.

Mayor Evans emphasized the broader meaning behind the program and its long-term impact on the city’s youth.

“The R-Future Fund is an investment in Rochester’s future,” said Mayor Evans. “When we invest in our children, we invest in the long-term strength and resilience of our city. By helping families begin saving early and connecting them with financial resources, we are building momentum for future generations and helping more young people reach their full potential.”

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The program targets young children who are city residents and enrolled in kindergarten for the 2025-2026 school year, or those who will be entering kindergarten in the fall. Each eligible child will automatically receive a $20 seed deposit into their savings account. Children living in Rochester’s highest-poverty neighborhoods — specifically zip codes 14605, 14608, 14611, and 14621 — will receive an additional $20 to give them an even stronger starting point.

Beyond the initial deposits, families can also earn bonus contributions of up to $10 during the first year of participation. These incentives are tied to engagement activities such as attending financial literacy events or helping children open a library card, which city officials say are small but meaningful steps toward building financial awareness.

The concept behind the program is supported by research showing that children with savings accounts are more likely to attend college and graduate, perform better in math and reading, and develop stronger long-term financial habits. Studies also suggest that even a few hours of early financial education can significantly improve understanding of saving, banking, and responsible money management.

The R-Future Fund is funded through support from the ESL Foundation and Canandaigua National Bank, and it will be administered by the City of Rochester’s Office of Financial Empowerment. City officials say this partnership allows the program to combine public goals with private support, ensuring stability as it develops over time.

In addition to direct savings incentives, families participating in the program will also be connected to broader financial resources offered through OFE. These include financial counseling, homeownership guidance, access to safe and affordable banking services, and other empowerment programs designed to support long-term stability.

City leaders say this added support is a key part of the program, making sure families are not just opening accounts but also gaining tools they can use in everyday financial decisions.

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The launch of the R-Future Fund fits into a larger effort by Rochester to strengthen economic opportunity and reduce long-term barriers for families. Officials describe it as an investment in the next generation, one that starts with small deposits today but aims to create lasting change in the years ahead.

As the pilot program begins, city officials are encouraging eligible families to participate and take advantage of both the savings accounts and the educational opportunities tied to them. The expectation is that early financial exposure, combined with consistent support, will help shape stronger outcomes for children as they grow.

With this new initiative, Rochester is positioning itself among a growing number of cities exploring children’s savings accounts as a tool for building long-term financial resilience, especially in communities where early support can make a meaningful difference.