Mayor Gavin Newsom says the deposits would be small -- $50 or $100 for lower-income children -- but could help teach children about saving and send them a message that a college education is attainable, the San Francisco Chronicle reported Friday.
"I believe that every single child should be born not necessarily into wealth, but into opportunity," Newsom said. "Once a mind is stretched, it can never go back."
City officials cited a study showing children who had some savings set aside were seven times more likely to go to college, the Chronicle said.
The program would begin in the fall with 1,250 children -- about 25 percent of incoming kindergartners -- at 18 public elementary schools. In 2011, the program would cover 50 percent of incoming kindergartners, with full coverage planned for the following year.
The measure, which has to be approved in the city's upcoming budget, is expected to cost around $200,000 in its first year, the Chronicle reported.
Couple mistakenly served bag of cash at McDonald's drive-thru
Beyonce flaunts bikini body, Blue Ivy in vacation pics