Public Company Information:
RENO, Nev.--(BUSINESS WIRE)--In an effort to encourage more Nevada students to graduate from college, Schwab Bank today announced it will grant $20,000 to the Nevada College Kick Start Program, administered by Nevada State Treasurer Kate Marshall, to fund college savings accounts for 400 kindergarten students in Washoe County Title 1 schools.
Students with a college savings account are up to seven times more likely to attend college than those without an account, according to 2010 research from the Center for Social Development at Washington University in St. Louis1.
“The Kick Start program plays an important role in changing the culture of lower income families. It helps plant the seed of opportunity in the minds of kindergartners and their parents that graduating from college is within reach,” said Paul Woolway, president of Schwab Bank. “This grant is very well aligned with Schwab Bank’s commitment to help people achieve better financial outcomes.”
Nevada has one of the lowest college-educated populations in the country, with only 28 percent of adult residents holding an associate’s degree or higher as of 2011, according to Complete College America2. A 2011 study3 by the same organization suggests that by 2020, 58 percent of jobs will require a college education or career certification, a number that will jump to 70 percent by 2030.
“As Nevada works to diversify its economy and create high-level jobs with higher pay and benefits, we also must work to create a well-educated workforce that can meet the needs of the local business community,” said Nevada State Treasurer Kate Marshall. “Programs like Kick Start will help students learn at a young age the value and importance of a college education in an increasingly competitive workforce. We are thankful for the commitment and support from Schwab Bank to help fund this important program.”
The program will be complemented by in-class personal finance education and ongoing discussions about college savings accounts.
Funds will be held in an umbrella account managed by Upromise Investments Inc., the Nevada College Plans program manager, to pay for postsecondary education expenses at any U.S. Department of Education-approved educational institution.
In addition to the grant from Schwab Bank, the Nevada College Savings Board has committed $150,000 to support college savings accounts for kindergarteners in 13 rural Nevada counties and hopes to secure funding to expand the program statewide.
Representatives of Schwab Bank and the Nevada State Treasurer’s Office, including State Treasurer Kate Marshall, presented the check on May 21 at Lincoln Park Elementary School, where Schwab has committed significant resources to promote financial literacy in collaboration with Junior Achievement.
About Charles Schwab Bank
The Charles Schwab Corporation (NYSE:SCHW) is a leading provider of financial services, with more than 300 offices and 8.9 million active brokerage accounts, 1.6 million corporate retirement plan participants, 895,000 banking accounts, and $2.11 trillion in client assets as of April 30, 2013. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; compliance and trade monitoring solutions; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Advisor Services division. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides trust and custody services, banking and lending services and products. Investment products offered by Charles Schwab & Co., Inc. are not insured by the FDIC, are not deposits or obligations of Charles Schwab Bank, and are subject to investment risk, including the possible loss of principal invested. More information is available at www.schwab.com and www.aboutschwab.com. (0513-3476)
1 Center for Social Development at Washington University in St. Louis, 2010 “The Role of Savings and Wealth in Reducing ‘Wilt’ between Expectations and College Attendance”
2 Complete College America, 2011 “Nevada State Report”
3 Complete College America, 2011 “Time is the Enemy” – Nevada State Profile
Upromise Investments Inc. and the Nevada College Savings Board are unaffiliated with Charles Schwab Corporation and its affiliates.
Charles Schwab Bank, Equal Housing Lender (Member FDIC).