About My Future Fund
Background
The Washtenaw County Board of Commissioners has provided the initial investment of over $6.8 million for the My Future Fund program as part of their commitment to equity in Washtenaw County. In addition, the City of Ann Arbor contributed $28,000 for the first year. The Washtenaw Intermediate School District operates this initiative, in close collaboration with Washtenaw County government. My Future Fund joins 17 other Children’s Savings Account programs across Michigan.
Goals
The My Future Fund program has the following goals:
Increase college expectations - The My Future Fund program supports kids and families in building college-bound identities.
Increase the number of students completing post-secondary programs - Not only does the My Future Fund program seek to increase the number of students enrolling in higher education, but also to ensure that more students earn their degree or certificate.
Bring parents into the financial mainstream - My Future Fund is a family focused program that strives to assist parents and caregivers in building college & career savings as well as engaging with other types of financial tools.
Address educational disparities exacerbated by COVID-19 by increasing resources to students in high poverty districts. -The COVID Recovery Deposit for students who individually are eligible for free or reduced lunch will provide a savings boost for families and students who were disproportionately impacted by the pandemic.
Research
My Future Fund is structured as a Children Savings Account (CSA) program, a research based approach to fostering a college-bound identity in young people. Research has shown that students from low-and moderate- income households who have a dedicated savings of $1-$499 for higher education are more than three times more likely to enroll in college.1 In addition, early findings suggest that providing progressive incentives, such as the $475 equity boost, may help reduce the college savings gap between high and low income students.2
Local University of Michigan Children’s Savings Account experts Dr. William Elliot and Dr. Trina Shanks have shared best practices based on their research in the development of the Washtenaw County program and will continue to share their expertise with My Future Fund staff as the program evolves.
1 Elliot, W., Song H., & Nam, I. (2013). Small-dollar Children’s Savings Accounts and children’s college outcomes by income level. Children and Youth Services Review 35(3): 560-671
2 Elliot, W. (2018) Lessons learned from Children's Savings Account programs: Tools to leverage spending to facilitate saving among low-income families.Ann Arbor, MI: University of Michigan, Center on Assets, Education & Inclusion.
Community Advisory Committee
The My Future Fund Advisory Committee is a group of stakeholders from across Washtenaw County who are providing insight and guidance to the program.
2024 My Future Fund Advisory Committee
Diane Brewer, Michigan Education Trust
Jennifer Burke, Michigan Education Saving Program
Ché A. Carter, Ann Arbor Community Member
Irina Chen, College Coaching
Christine Deacons, Manchester Community Member
Evan D’Silva, Prudential Financial
Nivean Farha, Washtenaw ISD Trusted Parent Advisors
Teresa Gillotti, Ypsilanti Community Member
Justin Hodge, Washtenaw County Board of Commissioners
Robert Jansen, Lincoln Consolidated Schools
Darryl Johnson, Mentor2Youth
Kim Lijana, University of Michigan Center for Educational Outreach
Kelly Mickel, Ypsilanti Community Schools
Mia Lanier-Durkins, Washtenaw Community College, Parkridge Community Center
Brian Rakovitis, Community Economic Development Association of Michigan
Ryan Rowe, Washtenaw ISD Career & Technical Education
Alisha Spencer, Washtenaw ISD Trusted Parent Advisors
Trina Shanks, University of Michigan School of Social Work
McKenzie Temple, University of Michigan Ginsberg Center
Rosalind Vaughn, Ann Arbor / Ypsilanti Regional Chamber
Tanisha Whorton, MichiganWorks! Southeast
Cheranissa Williams, Washtenaw County Office of Community & Economic Development
2023 My Future Fund Advisory Committee
My Future Fund Staff
Current Participating Districts & Public-School Academies
Ann Arbor Public Schools
Chelsea Schools
Dexter Community Schools
Honey Creek Community School
Lincoln Consolidated Schools
Manchester Community Schools
Milan Area Schools
National Heritage Academies
Saline Area Schools
Washtenaw Intermediate School District
Whitmore Lake Public Schools
Ypsilanti Community Schools
And more coming soon…