“Income gets you by, but assets get you ahead,” says Ona Porter, CEO of Prosperity Works. This week Prosperity Works will join two key partners – the Rio Grande Credit Union and the Partnership for Community Action – to celebrate another stride in ensuring New Mexicans have access to the assets that will enable them to thrive; the “Prosperity Kids” initiative will celebrate its 100th “Prosperity Kid” to open a savings account this Thursday, October 30 at 2pm at the Rio Grande Credit Union Main Branch.
Prosperity Kids is a program that creates a matched savings account for children and, in addition, enables parents to open an emergency savings account and utilize a secured credit card.
“Being banked and having the opportunity to use and build credit are key to family economic security,” Porter says. “The Rio Grande Credit Union has devised a structural solution to respond to the challenges faced by families that lack access to essential financial services. The collective effort of Prosperity Kids is addressing those challenges at the root by helping New Mexico families build those critical assets.”
Studies show that Child Savings Accounts significantly increase children’s engagement and success in primary and secondary schools. They are proven to orient young recipients toward future goals and increase their self-esteem and personal agency in the short- and long-term, rewriting the scripts created by early poverty.
On Oct. 30th at 2pm come celebrate the 100th Prosperity Kid to open a savings account at the Rio Grande Credit Union Main Branch. Eight-year-old Marcos S. Granados, and his parents, Monica and José Granados, will be present. Prosperity Kids will match, dollar-for-dollar, the money that Marcos saves in his Prosperity Kids account. His savings can be used for college tuition upon high school graduation, or at age 23 to help provide a solid transition to adulthood. The Granados family is also building a safety net for their family with an Emergency Savings Account.
“With this approach our state will no longer be 49th in child well being,” comments Adrian Pedroza, Executive Director of the Partnership for Community Action, “but a place where every child, irrespective of their family’s resources, has the best chance to thrive.”
This work is made possible through the generous support of the WK Kellogg Foundation, the McCune Foundation, Wells Fargo Bank and United Way of Central New Mexico.
WHAT: Press Conference on Prosperity Kids program and 100th savings account
WHEN: October 30, 2014, 2pm – 3pm
WHERE: Rio Grande Credit Union Main Branch, 301 Rio Bravo Blvd. SE Albuquerque, NM
WHO: Prosperity Works, Rio Grande Credit Union, Partnership for Community Action
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Prosperity Works – The mission of Prosperity Works is to help New Mexicans move from poverty to prosperity through building assets and to advocate at the state policy level for change.
Partnership for Community Action – The PCA mission is to build strong, healthy communities throughout New Mexico by investing in people and families, supporting them to become strong leaders in our neighborhoods and in our state.
Rio Grande Credit Union – Rio Grande Credit Union is a not-for-profit, member-owned financial institution in business solely to serve members’ financial needs. RGCU can serve individuals who live, work, worship, volunteer or go to school in Bernalillo County and Sandoval County.