Spotlight Story

The COVID-19 pandemic’s unprecedented impact on communities throughout the country raised new challenges for the CSA field in 2020. 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.

In the News

In 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 on Black, Latinx and Indigenous people. Read More.

NYC Kids RISE is Pushing CSA Accounts for all NYC Kids

In an op-ed in the New York Daily News, Julie Menin, the founding chair of NYC Kids RISE, 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 welcomed its second class of kindergartners into the program last October. 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 Field

The 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, the House Ways and Means Committee 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 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. Other awardees include in-development programs, such as Opportunity LA and Advancing Modoc Youth, and well-established programs, including Kindergarten to College in San Francisco and Oakland Promise.

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, 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, Pennsylvania’s statewide CSA program, has introduced two new initiatives 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 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 recently released a set of policy recommendations 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. 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| Prosperity Now| January 2020

Past and Upcoming Webinars

Understanding Financial Aid and CSAs| Prosperity Now| November 2020