Spotlight Story

Complete the 2020 CSA Program Survey

Each year Prosperity Now conducts a CSA program survey to collect data from practitioners for the annual State of the Field Report and to update the CSA directory. The report provides insight on developments and trends across the field including funding sources, enrollment requirements and types of incentives. The information compiled from the survey also helps to further connect the field, raise awareness about CSAs, and support local and state advocacy and fundraising efforts. This year, many CSA programs have had to shift their operations because of the pandemic, including adapting their engagement activities and focusing on meeting the immediate needs of participating children and their families. With so many changes across the CSA field, it is important to gather up-to-date data on existing CSA programs and information on new and emerging programs. If your organization currently operates or is in the process of developing a CSA program, please help us gather the latest information by completing the 2020 CSA survey by Friday Nov. 2, 2020.

CSA Pre-Conference Offers a Chance to Reflect on the Possibilities of CSAs

More than 80 Children’s Savings Accounts (CSA) practitioners, policymakers, researchers, and funders virtually gathered from home for the 2020 CSA Pre-Conference preceding the Prosperity Summit. Nearly half of the attendees indicated that this was their first CSA pre-conference, aligning with the corresponding growth in CSA programs since the last pre-conference in 2018 with programs across the country now serving nearly 707,000 children. Read More.

In the News

Representative Cartwright Re-introduces the CSA Opportunity Act

The CSA Opportunity Act was re-introduced by U.S. Representative Matt Cartwright (D-PA-08) in September to enable families to save for their children’s postsecondary education. The legislation, which Prosperity Now endorsed, would allow families to save for their children’s future without fear of losing the benefits that help them make ends meet. Families could put money aside for their children’s postsecondary education in CSAs, as well as regular 529 accounts, without losing access to TANF, SSI, LIHEAP or SNAP benefits. “Through this pandemic, families are at a treacherous crossroads—choosing between access to public benefits to help them survive day-to-day and savings to help them build a strong future,” said Gary Cunningham, President of Prosperity Now. “The CSA Opportunity Act, introduced by Rep. Cartwright, will encourage families to save for their children’s futures without being in fear of losing access to nutrition, energy assistance and other benefits.”

New Jersey Governor Proposes Baby Bonds

As part of his revised budget plan introduced in August, New Jersey Governor Phil Murphy proposed a state-level “baby bonds” initiative to address economic disparities that disproportionately affect Black and Latinx families. The proposed legislation would allocate $1,000 to each baby in the state, which would be payable with interest when the child turns 18. The initiative would apply to about 70% of New Jersey residents and would be available to children born into families earning less than about $131,000 a year, or 500% of the federal poverty level. The idea was inspired by the American Opportunity Accounts Act introduced by Sen. Cory Booker (D, NJ), though it is a significantly scaled down version and does not provide the same tiered, progressive benefits that the Booker proposal would. The New York Times editorial board expressed support for the proposal in an editorial. However, the state legislature did not include the proposal in the final state budget.

From the Field

Two New Guides on Common Metrics for CSA Programs

The Consumer Financial Protection Bureau (CFPB) published two new guides for the CSA field to facilitate the adoption of common metrics. The first guide, Design and Evaluation Principles for Children’s Savings Account Programs, presents key considerations on measuring program outcomes, guidance on selecting performance indicators and information on monitoring progress toward goals. The second guide, Common Metrics for Children’s Savings Account Programs, proposes a set of standard measures for the field. Organizations can select measures aligned with their program goals from the menu of options. Both guides were created based on extensive consultation with the field, as facilitated by Prosperity Now and Abt Associates.

St. Paul Connects New Guaranteed income Pilot with CSA Program

St. Paul Mayor Melvin Carter recently signed an executive order creating the People’s Prosperity Guaranteed Income Pilot. The City of Saint Paul will randomly select 150 families who are already enrolled in the CollegeBound Saint Paul CSA program and who have been hurt financially by the COVID-19 pandemic. The families will receive $500 a month for 18 months. The pilot is funded through a combination of federal CARES Act funding, the Mayors for Guaranteed Income national network and philanthropic support.

My Alfond Grant is Developing New Tools for Online Learning

The MyAlfondGrant program is working with the Maine Department of Education to develop two new educational tools to help students understand and pursue a variety of postsecondary and career options. The “Middle School MyPlan” tool helps students identify what they can DO, SAVE and LEARN to support their future. The “MAGTown” tool is catered towards younger students and offers them an opportunity to explore different potential careers. These tools are being developed specifically for Maine students, but they could potentially be adapted by other CSA programs that want to implement a similar career exploration program.

The Heartland Alliance is Championing New Statewide CSA Legislation

The Illinois CSA Working Group, which includes Heartland Alliance, recently submitted recommendations to the Illinois State Treasurer’s Office for implementing the statewide CSA program. The statewide program will provide an initial $50 seed deposit for every child born or adopted in the state and is expected to start in January 2021.

Lansing SAVE’s New Performance Metrics

The Lansing SAVE program recently developed new performance metrics to evaluate its program. These performance metrics were designed with support from the Bloomberg Philanthropies’ What Works Cities Economic Mobility Initiative.

Upcoming Webinars

Understanding Financial Aid and CSAs| Prosperity Now| November 17, at 2 pm ET

This webinar will feature financial aid expert, Morra Lee Keller, from the National College Attainment Network (NCAN), who will address frequently asked questions about how CSAs interact with the postsecondary financial aid process.

Publications

Insights from State Treasurers: Developing and Implementing Statewide Child Development Account Policies| Center for Social Development| October 2020

Design and Evaluation Principles for Children’s Savings Account Programs| Consumer Financial Protection Bureau| October 2020

Common Metrics for Children’s Savings Account Programs| Consumer Financial Protection Bureau| October 2020