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CSAs Reach Nearly Five Million Children!
Children’s Savings Accounts (CSA) programs can be a powerful tool to invest in our youngest generation’s future. In a new report [[link removed]] from Prosperity Now, we share just how far the CSA field has come since the first pilot programs in the early 2000s. The Multiplying Movement: The State of the Children’s Savings Field 2022 [[link removed]]documents the incredible growth of the CSA field from a handful of programs in 2011 to 128 active programs as of the end of 2022. CSA programs now reach 4.9 million children and youth across 38 states and DC. The field has more than tripled since Prosperity Now’s 2021 report [[link removed]]. CSAs have shown strong momentum over the last five years, but the growth of the field skyrocketed in 2022 with the launch of CalKIDS [[link removed]], California’s statewide CSA program.
Prosperity Now recently hosted a virtual learning event to dive deeper into the findings from our annual CSA program survey. Noah Lightman, Program Manager of CalKIDS, joined Prosperity Now’s Erin Thiemann to discuss the spectacular growth of the CSA field. You can view the recording here [[link removed]].
Watch "The Multiplying Movement: The State of the Children’s Savings Field 2022" Here [[link removed]] Support a National Baby Bonds Program!
Join Prosperity Now in celebrating the reintroduction of the American Opportunity Accounts Act by Sen. Cory Booker (D-NJ) and Rep. Ayanna Pressley (D-MA-7). This federal Baby Bonds legislation would provide every child, at birth, with the economic resources needed to begin building long-term economic security and generational wealth.
Take a moment to email your legislators [[link removed]] and ask them to support the American Opportunity Accounts Act today!
Policy Updates
Rep. Pressley and Sen. Booker Push for the American Opportunity Accounts Act
Representative Ayanna Pressley (D-MA-7) [[link removed]] and Senator Cory Booker (D-NJ) [[link removed]] have been hard at work trying to spread awareness of and build support for the American Opportunity Accounts Act (AOAA), the federal Baby Bonds legislation they re-introduced in February. This legislation would provide all children with an initial $1,000 investment after birth and up to an additional $2,000 annually based on household income—to be used for purchasing a home, paying for higher education or other wealth-building purposes as adults. Most recently, Pressley and Booker urged the Treasury Advisory Committee on Racial Equity (TACRE) to study the AOAA [[link removed]] and its potential impact on enhancing economic equity across the United States.
CT State Treasurer Russell Sees Progress on Funding Baby Bonds
After a two-year delay in implementation of the Baby Bonds legislation passed in 2021— caused by efforts by Governor Ned Lamont (D-CT) to block funding [[link removed]]—Connecticut State Treasurer Erick Russell says that progress has been made in discussions with the governor and legislature on funding [[link removed]]. Russell reiterated his commitment to enacting the program, originally championed by his predecessor Shawn Wooden, which would invest $3,200 for children born into families receiving HUSKY, Connecticut’s Medicaid program. [[link removed]]
Baby Bonds Make Progress in Nevada
On March 21st, the proposed Nevada Baby Bonds legislation [[link removed]], which would invest $3,200 for each Nevadan whose birth is covered by Medicaid, passed through the Assembly’s Government Affairs Committee [[link removed]]. The bill will head next to the Ways and Means committee, and, if passed, will be the “largest investment Nevada our State has ever made to help children break the cycle of generational poverty,” according to State Treasurer Zach Conine (D), who proposed the legislation.
Maryland Makes CTC Expansion Permanent
In early April, the Maryland General Assembly passed the Family Prosperity Act of 2023 [[link removed]], a key priority of the new governor, Wes Moore (D), who is expected to sign the bill. The legislation makes permanent and expands on COVID-era expansions of the Child Tax Credit (CTC). Under this legislation, households with incomes below $15,000 that have children under age six or children under 17 with disabilities are eligible for the credit.
In the News
Prosperity Now’s President Urges Congress to Support Baby Bonds
Since both Democrats and Republicans have said that they stand behind Social Security and Medicare, America’s largest federal anti-poverty programs, as well as infrastructure funding, Prosperity Now’s President and CEO Gary Cunningham [[link removed]]sees an opportunity for Congress to come together to support our “social infrastructure” through policies like a national Baby Bonds program. Baby Bonds would be an especially important program because it can combat intergenerational poverty, which disproportionately affects Black families, through building intergenerational wealth.
Op-eds and Testimony Express Strong Support for State Baby Bonds Programs
Dr. Darrick Hamilton, who originated the idea of Baby Bonds, recently wrote an op-ed supporting the proposed Nevada legislation [[link removed]], stating “with Baby Bonds the privilege of wealth would no longer be an exclusive domain of the wealthy – for those that have been economically disenfranchised, the program invests in a capital foundation to build wealth and asset security.” In Connecticut, Emily Byrne, Executive Director of Connecticut Voices for Children and member of the Campaign for Every Kid’s Future Steering Committee, urged the legislature to fund the state’s program that passed in 2021 [[link removed]] in testimony before the legislature’s Appropriations Committee. Recent op-eds in Connecticut expressed support for funding the program to address poverty and build intergenerational wealth [[link removed]] and to tackle racial and gender wealth gaps [[link removed]] in the state.
Resources and Publications
Unleashing the Power of Children’s Savings Accounts [[link removed]] | Center on Assets, Education, and Inclusion
This comprehensive report [[link removed]] and its accompanying case studies make the case for the expansion of CSAs, including that CSAs can be a scaffolding for delivering other resources to low-income families, can augment families’ financial capability and connect families to financial services.
Investigation into Child Trust Funds [[link removed]] | United Kingdom National Audit Office
This report discusses usage of funds 20 years after the initial children received funding from the UK Child Trust Fund (CTF) program, which set aside funds for over 6 million children between 2002-11, similar to a CSA program.
Increasing Access to Postsecondary Education Savings [[link removed]] | Commonwealth
In partnership with Brandeis’ Institute for Economic and Racial Equity [[link removed]], this Commonwealth report explores barriers to low-income families participating in 529 tax-advantaged college savings plans [[link removed].] and how to address them.
Policies for Prosperity: Driving BIPOC Economic Well-Being Forward at the State and Local Level [[link removed]] | Prosperity Now
Progressive policies like Baby Bonds and guaranteed income are building momentum at the state and local levels. Prosperity Now’s 2023 State and Local Policy Priorities [[link removed]] focuses on state and local policies that will create systemic change with a lens on the structural inequity and racially unjust practices that continue to hinder financial progress for Black and Brown families across generations.
Poll Finds Strong Bipartisan Support for Pro-Family Policies [[link removed]] | Spotlight on Poverty & Opportunity
A recent survey of 800 voters revealed that voters from both parties support policies like paid leave, mental health support for children and families, and expanding the Child Tax Credit. [[link removed]]
Events & Opportunities
Save the Date
Webinar: Student Loan Debt—A Crushing Barrier to Asset Building [[link removed]] | Asset Funders Network | Tuesday April 18, 2023
Webinar: High Stakes: Why We Must Address Youth Financial Security Now [[link removed]] | Asset Funders Network | Tuesday April 25, 2023
ICYMI
Webinar Recording: From Small Beginnings to Great Heights: Children's Savings Accounts' Phenomenal Growth [[link removed]] | Prosperity Now | Tuesday April 4, 2023
Recording: Briefing on Massachusetts Baby Bonds Legislation [[link removed]] | Massachusetts Office of Economic Empowerment | Monday March 27, 2023
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