Bank On Boston: ROTH IRA Study for Young Adults

~ Boston, MA- Bank On Boston has announced a new partnership with Northeastern University and other prestigious research institutions to delve into the financial decision-making processes of young adults and their ability to build long-term wealth. The Bogle Foundation, University of Chicago Booth School of Business, Harvard Business School, and J-PAL at MIT are all joining forces with Bank On Boston in this initiative.

Bank On Boston is a program that aims to connect residents with safe, affordable, and reliable financial products and services that can help them save, grow, and access their money. This new partnership will test whether a simple intervention such as early access to investing paired with financial education can set young people on a path towards long-term financial stability.

Through this study, eligible participants will have the opportunity to open a Roth IRA account. Some participants will even receive a $1,000 grant to seed their account. This study was inspired by Jonathan Clements, a well-known columnist for The Wall Street Journal who created the "Getting Going On Savings" initiative. This program is supported by the John C. Bogle Center for Financial Literacy and aligns with Clements' vision and legacy.

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Bank On Boston will lead the local implementation of this study by designing and delivering financial education programs, managing outreach efforts, and providing hands-on support for onboarding new accounts. The Office of Youth Employment and Opportunity is also supporting this effort by connecting eligible participants aged 18 and older through the Summer Youth Employment Program.

During the pilot phase of this study, Bank On Boston successfully educated 200 youth employees and provided individualized support for 15 eligible grant recipients during their account onboarding process. Building on this success, the full study will expand to offer educational workshops to 500 eligible young adults over the next two years. It is expected that approximately 250 of these individuals will open and fund accounts.

This partnership between Bank On Boston and leading research institutions demonstrates a powerful model for promoting economic opportunity for young adults in Boston. By combining financial education, access to safe investment products, and research, this initiative has the potential to make a significant impact on the financial stability of young adults in the city.

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