Spotlight Story

NYC Kids RISE is Stepping Up to Provide Economic Relief for Participating Families

NYC Kids RISE is taking steps to support families and neighborhoods facing heightened obstacles due to the COVID-19 pandemic. NYC Kids RISE promotes economic opportunity and equity for New York City public school students by focusing on long-term savings for postsecondary education. As the pandemic continues to transform daily life for people across the country, NYC Kids RISE has prioritized the basic needs of families and children with a new initiative to address immediate economic challenges. To address both limited resources and high need across District 30 in Queens, NY, NYC Kids RISE randomly selected 1,500 Save for College Program participating families to have the first chance to receive a $150 emergency cash disaster relief gift card. Read more.

A Path Forward: CSA Programs are Finding New Ways to Engage Families and Communities

Across the nation, the COVID-19 crisis continues to impact daily life and exacerbate financial instability, making saving for the future even more difficult and increasing concerns about the cost of college education. CSA programs have developed new strategies for virtual engagement, communication and messaging to support families during this difficult time. Since most programs have had to cancel in-person community events and fundraisers — social media, virtual newsletters and mass text services have become go-to tools for sharing resources and maintaining a sense of community from a distance. As families and their children spend more time at home, programs have also implemented new incentives and activities that allow families to continue discussing the value of long-term savings and postsecondary education, even if they are unable to save at this time. Prosperity Now created a document summarizing how CSA programs are adapting their strategies in light of the pandemic so that programs can learn from one another. Read more.

In the News

Proposed Bill for Frontline Workers Includes a CSA Provision

Legislation introduced in the Senate by Sen. Bob Casey (D-PA) and in the House by Representatives Donna Shalala (D-FL), Chrissy Houlahan (D-PA) and others would offer eligible frontline workers up to $10,000 per year for four years of college tuition, debt relief or other purposes. Inspired by the GI Bill, the Pandemic Responder Service Award Act would thank those “who have answered the call for their country in this terrible pandemic,” according to Sen. Casey. The bill includes a provision that would allow frontline workers to transfer the money into a Children’s Savings Account that could be used by their direct dependents.

A New Survey Finds that 33% of High School Students will Change their Plans for Higher Education

A survey of high school students conducted by the College Savings Foundation (CSF) found that the COVID-19 pandemic may be altering higher education plans for students across the country. The survey of more than 1,000 sophomores, juniors and seniors found that at least one-third of them will change both their plans for higher education and how they will finance it. Additionally, nearly one in five students says their experience with the pandemic will affect their career plans, while 55% say that the experience will impact the rest of their lives. Forty-eight percent of students reported that they are saving for higher education; 74% said their parents were saving as well, with 25% of those saving primarily in 529 college savings accounts.

From the Field

Child Development Accounts in the COVID-19 Crisis: Lessons from the Great Recession

A new report from the Center for Social Development at Washington University, “Child Development Accounts in the COVID-19 Crisis: Lessons from the Great Recession”, illustrates the positive effects of Child Development Accounts (CDAs) in hard times, especially for financially-distressed families. The report offers insights and recommendations for policymakers, practitioners and advocates operating or potentially developing CDAs during the COVID-19 crisis. Its conclusions are based on research conducted for the SEED for Oklahoma Kids randomized-control trial during the Great Recession. The report includes perspectives from SEED OK participants affected by the Great Recession, as documented during in-person interviews in 2009-10.

Cass City Promise Will Launch a CSA Program in the Fall

The Cass City Promise plans to launch a CSA program called Red Hawk NEST EGG during the 2020-21 school year. All K-12 students in Cass City Public Schools will automatically receive a CSA with a $50 initial deposit. The Promise also includes the Red Hawk FLIGHT scholarship program, which will start when funding is available. Program leaders plan to engage participating children and their parents through additions to the classroom curriculum, family workshops and student mentoring.

Kindergarten to College Participants Save Over $1 Million

In its 10th year of operation, San Francisco Kindergarten to College reached a huge milestone. For the first time, participating families saved over $1 million during the 2019-2020 school year. Remarkably, participants attained this record despite new economic challenges related to COVID-19.

Resources and Publications

Shifting Communication and Engagement Strategies in Response to COVID-19| Prosperity Now| May 2020

2019 State of the Children’s Savings Field Report| Prosperity Now| April 2020

Child Development Accounts in the COVID-19 Crisis: Lessons from the Great Recession| Center for Social Development| May 2020

Webinars

CSA Virtual Discussion: Connecting Families to Financial Resources and the Changing CSA Funding Landscape (recording and slides) |Prosperity Now| May 14

Job Posting

The NYC Kids RISE CSA program currently has five open positions. Visit the website for more information.