Boston Saves is the City of Boston’s Children Savings Account initiative and is an example of using consumer insights to design a government sponsored saving program.
Since 2015, Commonwealth has partnered with the City of Boston to help design a Children's Saving Account that helps all Boston families save for their children's futures through conducting original consumer research, advising on program development, and testing new features and designs.
We have focused on increasing the desirability of CSAs by developing a user-friendly engagement platform with an open backend structure that Boston introduced in January of 2017. The user-facing end of the platform enables ongoing interaction among program providers and the students and families with CSAs. It offers an unprecedented opportunity for ongoing interaction and financial education throughout the life of the product—which can be as long as 14 years. The open back end enables families to choose the savings account that works best for them and their preferred financial provider. The City of Boston likes the open-ended backend because it will relieve them of the responsibility for managing the financial operations of the program.