Jun 20, 2026
A new Boston financial study is giving a select group of young local workers the opportunity to shout: “Show me the money!”
The study, led by the city-sponsored Bank on Boston initiative — along with partners at Northeastern University and Harvard Business School, among others — is giving 15 lucky members of a summer youth employment program up to $1,000 to invest in a Roth IRA.
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The experiment will follow the grant recipients, aged 18 and older, with monthly updates on their investment progress and other ways it has inspired their financial behavior, according to a local NBC 10 Boston report.
It was inspired by longtime Wall Street Journal financial writer Jonathan Clements, who was diagnosed with a terminal illness in 2024 and donated funds to help create an initiative to educate young people — especially those from low-income families — about money.
“Jonathan Clements had a very specific vision to make saving and investing accessible to all young people, not just those from middle- and upper-class backgrounds,” Alicia Modestino, Director of the Dukakis Center for Urban and Regional Policy and part of the team involved in launching this study, told Moneywise. “This program specifically targets low-income young adults who are ten times less likely to open a Roth IRA account compared to their more affluent peers.”
She added that the initiative is “a powerful tool that can help young people from low-income families start saving earlier and help close the wealth gap down the road when it comes time for retirement.” She also noted that those involved can withdraw contributions for a first-time home purchase, higher education or medical expenses without penalty.
The importance of teaching money lessons early
For the young people receiving the Roth IRA grants, the savings benefits are numerous. The first, and perhaps most obvious, is the ability to take advantage of compound interest, while high contribution limits allow them to invest more of their part-time or summer earnings.
As well, several studies illustrate the benefits of providing financial education to young people.
One 2019 study led by Modestino, followed two groups of young people aged 18 to 24 years old — with one group receiving financial coaching and services while the other group received no help.
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After 18 months researchers found that those who received financial coaching and services not only boasted increased financial knowledge when compared to the other group, but were less likely to be contacted by collection agencies, use payday lenders and even get evicted. The study also found that those who had the financial services managed debt better and enjoyed “significantly larger credit score increases.”
This bodes well for those taking part in the Bank on Boston initiative. Modestino says she is excited to “learn more about the barriers to long-term saving for this group and how to address them” from the program, and hopes that, if it’s effective, “[they] can scale it up alongside summer youth employment programs in Boston and other cities.”
Bank on Boston didn’t reply to Moneywise’s request for comment.
Beyond Boston, however, states are catching on to the benefits of teaching financial literacy in schools. A March report from the Council for Economic Education (CEE) revealed that 39 states now mandate high schoolers take personal finance courses to graduate. They added that the four newest states to adopt the mandate — California, Colorado, Delaware and Hawaii — alone will impact 2.3 million high school students.
They did warn, however, that fewer states now mandate economics courses as a prerequisite for graduating, arguing that “the two disciplines go hand in hand.”
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How to talk saving and investing with your kids
While some Gen Zers are proving more proactive about finances than previous generations, including beginning retirement savings in their early 20s, it’s important that parents take steps to help youth learn about saving and investing.
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“It’s never too early (or too late) to get going on saving,” Modestino said. “Establishing good financial habits early on, even when kids are only earning an allowance, will set them up for success in the future.”
As Modestino noted, an allowance is a great place to start the financial lessons, with kids earning money for jobs well done.
Experts also advise teaching kids about compound growth early to get them interested in saving instead of just spending, teaching basics about budgeting, dipping into the stock market through investing in brands the kids know and already enjoy and tracking their progress, as well as using board games like Monopoly to offer more tangible lessons.
Modestino also acknowledged that some parents may feel reluctant to discuss money with their kids if their own finances have been an issue.
She advised, though, that “learning together about how to set up a savings account, invest wisely and build wealth can help both young people and their families plan better for the future.”
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Mike Crisolago is a Sr. Staff Reporter at Moneywise with nearly 20 years of experience working as a journalist, editor, content strategist and podcast host. He specializes in personal finance writing related to the 50-plus demographic and retirement, as well as politics and lifestyle content.
