No images? Click here [link removed]
Spotlight Story
The COVID-19 pandemic’s unprecedented impact on communities throughout the country raised new challenges for the CSA field in 2020 [[link removed]]. To gain a better understanding of the field during this time, Prosperity Now asked CSA practitioners in the annual CSA survey about the difficulties they faced, as well as how they have changed their programs to respond to them. Read More. [[link removed]]
In the NewsIn a Time of Crisis, the American Opportunity Accounts Act Gives Children the Promise of Financial Security
While the spotlight is on the important debate between Congress and President Biden on the size and scope of the COVID-19 recovery plan, a piece of legislation has been reintroduced that could have a profound impact on the ability of a generation of children to achieve financial security. Sponsored by Sen. Cory Booker (D-NJ) and Rep. Ayanna Pressley (D-MA-7), the American Opportunity Accounts Act goes beyond short-term solutions to tackle the systemic economic inequities that have caused this economic crisis to fall hardest [[link removed]]on Black, Latinx and Indigenous people. Read More [[link removed]].
NYC Kids RISE is Pushing CSA Accounts for all NYC Kids
In an op-ed [[link removed]] in the New York Daily News, Julie Menin, the founding chair of NYC Kids RISE [[link removed]], described the successes of the program and its continued mission to provide a CSA account for every student in New York City. Launched in 2017, the program now includes 39 schools in Queens, with more than 10,000 students enrolled. Based on the program’s current public-private funding model, a savings account for every kindergartener would cost the city just $12 million per year.
FamilyFutures Continues to Expand MyFuture CSA Program
FamilyFutures [[link removed]] welcomed its second class of kindergartners into the program last October [[link removed]]. The small program, located in rural Rappahannock County, VA, provides a $100 initial deposit to each new participant and focuses on helping students develop skills to save money and make good financial decisions. FamilyFutures also encourages parents to consider making their own financial goals and provides free workshops and individual coaching.
From the FieldThe House Ways and Means Committee Includes CSAs Among its Economic Equity Priorities
In its recent report, A Bold Vision for a Legislative Pathway Toward Health and Economic Equity [[link removed]], the House Ways and Means Committee [[link removed]] proposed creating Children’s Savings Accounts as part of a broad set of priorities to promote economic equity. The committee is focused on implementing policies that will provide financial stability and security for all American families, especially for people of color.
California CSA Programs Receive $9.8 Million in Grants
In December, the California Student Aid Commission (CSAC) announced preliminary grant amounts [[link removed]] to 11 local CSA programs throughout the state. The California legislature created the grant program with a $10 million appropriation to CSAC in 2020. The largest award of more than $4.6 million went to San Joaquin A+ to support the new Stockton CSA program [[link removed]]. Other awardees include in-development programs, such as Opportunity LA and Advancing Modoc Youth [[link removed]], and well-established programs, including Kindergarten to College [[link removed]] in San Francisco and Oakland Promise [[link removed]].
Statewide CSA Legislation Reintroduced in Missouri
Missouri State Rep. Jonathan Patterson (R-30) recently introduced legislation to create a statewide CSA program. A similar bill was headed for a floor vote last year when the legislature adjourned early because of COVID-19. Republican State Treasurer Scott Fitzpatrick has helped lead efforts to enact the statewide CSA policy, and several key actors in Missouri support the proposed legislation, including Kids Win Missouri [[link removed]], a coalition of organizations and individuals working to improve the lives of children in the state.
Keystone Scholars Boosts the Accounts of WIC Recipients
Keystone Scholars [[link removed]], Pennsylvania’s statewide CSA program, has introduced two new initiatives [[link removed]] that provide targeted deposits for children enrolled in the Special Supplemental Nutrition Program for Women, Infants and Children (WIC). The Bright Future Booster pilot will automatically add $50 to the accounts of all Pennsylvania WIC enrollees born between January and June 2021. Additionally, the WIC-Keystone Scholars Milestone Program, will provide milestone deposits ranging from $50 to $110 for each WIC enrollee in Adagio Health’s service area in Western Pennsylvania until their fifth birthday. The booster programs are intended to supplement initial seed deposits and create a pathway to grow investment earnings for participants from the lowest-income families.
Kindergarten to College Pilots a New Incentive for Low-Income Students
San Francisco’s Kindergarten to College program [[link removed]] is piloting a new incentive to help low-income students and families. The “I Am the Future Incentive” provides an initial deposit of $150 to first- and second-grade students in nine schools that have been identified as having wide racial achievement gaps. Students who make two separate $5 deposits by June 31, 2021, will receive an additional $300. The incentive pilot is part of a larger strategy to develop targeted outreach to families with low incomes.
Michigan Poverty Task Force Recommends CSA Funding
The Michigan Poverty Task Force [[link removed]] recently released a set of policy recommendations [[link removed]] to address poverty in the state. The group convened beginning in late 2019 under an executive order from Governor Gretchen Whitmer, who highlighted the group’s report in a February news conference [[link removed]]. The report included a recommendation for the state to “support and incubate Children’s Savings Accounts,” and Governor Whitmer included a $2 million request in her 2022 budget proposal for bolstering CSA programs in the state and creating statewide infrastructure to support local programs.
Resources and Publications
CSA Enrollment Process Maps [[link removed]]| Prosperity Now| January 2020
Past and Upcoming Webinars
Understanding Financial Aid and CSAs [[link removed]]| Prosperity Now| November 2020
1200 G Street NW, Suite 400, Washington, DC xxxxxx
HOME [[link removed]] | BLOG [[link removed]] | ABOUT [[link removed]] | DONATE [[link removed]]
Copyright © 2021, Prosperity Now, All rights reserved
Unsubscribe [link removed]
