The Power of Connecting Children’s Savings Accounts and College Access-Success Programs

Since the beginning of the children’s savings movement in the early 2000s, saving for postsecondary education has been the primary goal of most Children’s Savings Account (CSA) programs. In recent years, there has been growing recognition of the shared goals of the CSA movement and the college access-success field:

Supporting low-income students and students of color to prepare for and build expectations for postsecondary education,
Helping them navigate the college and financial aid application processes,
Ensuring that students enroll at an institution where they are likely to succeed and persist until graduation.

However, despite sharing common goals, CSA programs and college access-success programs are not often integrated.

Prosperity Now and the National College Access Network have created a new report, The Power of Connecting Children’s Savings Accounts and College Access-Success Programs, as well as a blog post to explain the benefits of collaboration and how CSAs and college access programs can establish meaningful partnerships. Read more

Introducing the CSA Starter Kit

Prosperity Now is excited to announce a new resource available on our website—the CSA Starter Kit. The Starter Kit is a "one-stop shop" for resources, tools and sample materials developed by Prosperity Now and practitioners from across the field, which can be used to help design, implement and launch CSA programs. These resources provide best practices for several important CSA functions such as incorporating information management systems, effective budgeting and fundraising, engaging participants, developing partnerships and creating outreach materials.

The newest resource in the Starter Kit is the Sample Work Plan and Customizable Template for CSA Program Design & Implementation which provides a step-by-step sample work plan for designing and implementing a CSA program along with a downloadable customizable template practitioners can use to create their own work plans.

In the News

CSA Advocacy in Missouri Five Years After Ferguson

In the wake of the police shooting of Michael Brown in Ferguson in 2014, the Ferguson Commission issued a report that included a recommendation for a statewide Child Development Account (CDA) program in Missouri. As part of the discussion #FiveYearsLater, a Medium blog looked at progress on this recommendation and found that although the goal hasn’t been achieved yet, efforts to bring about a statewide program are in full gear. In 2018, the Regional Child Development Account Collaborative began advocating for a statewide program and has since launched the Missouri CDA Coalition website to inform and engage more people to support CDAs for all Missouri children.

A Bright Future for New England’s CSA programs

New England is home to several trailblazing CSA programs—including statewide programs in Maine, Rhode Island, Connecticut and, soon, Massachusetts—that serve tens of thousands of children and bring attention to the field. This summer, representatives from programs throughout the region met at the Federal Reserve Bank in Boston for the fifth anniversary of the creation of the New England Consortium of Children’s Savings Accounts (NECCSA). Representatives from the consortium meet quarterly to share information and insights, discuss best practices and explore new opportunities for the field. These efforts have helped fuel the tremendous growth of CSA programs in New England.

From the Field

CSA Programs Continue to Expand in Michigan

Adding to the already sizeable number of CSA programs in Michigan are two new programs kicking off this fall—Future Fund in Menominee and Marinette Counties and Cass Kick Start to Careers in Cassopolis Public Schools. Future Fund recently received a boost when program manager, the M&M Area Community Foundation, received a $176,750 donation from KK Integrated Logistics. This donation also came with a pledge from the company to start the accounts of every new kindergartener in both Menominee and Marinette Counties for the next five years. Cass Kick Start to Careers launched its program by giving every kindergartner a piggy bank, along with a $25 initial deposit to seed their accounts. The program will also incorporate additional incentives to build account balances that will be developed through collaboration with teachers and the community.

Boston’s CSA Program Expands to All Public Schools This Fall

Boston Saves, Boston’s CSA program has expanded from its pilot program to include all the city’s public schools this fall. According to Boston Mayor Martin Walsh, the expansion will include more saving incentives for families. In addition to the $50 deposit offered to every kindergarten enrolled in Boston Saves, the new proposal will allow families to earn an extra $65 during the first year. In his statement, Mayor Walsh stated that, “Boston Saves has proven to be an essential part of providing families with the tools to save for their children’s post-secondary future.” The expansion of Boston’s CSA program made national headlines, with stories in several news outlets including CNN and CNBC.

New Milestone for Brilliant Baby

Brilliant Baby, a CSA program that is part of Oakland Promise, recently reached a new milestone—more than 530 babies from low-income families in Oakland now have CSAs seed with $500. This accomplishment is a huge step toward providing all Oakland students with the resources needed to complete college and pursue a career. The program was launched in 2016 by Mayor Libby Schaaf and the Oakland Unified School District to triple the number of Oakland high school graduates who complete college by the year 2024.

Resources and Publications

The Power of Connecting Children’s Savings Accounts and College Access-Success Programs | Prosperity Now and National College Access Network | October 2019

CSA Starter Kit | Prosperity Now | September 2019

CSA Sample Workplan | Prosperity Now | October 2019

Upcoming and Past Webinars

Key Considerations When Developing Statewide CSA Policies | Prosperity Now | December 17

Designing a CSA Program for Your Community with an Equity Lens | Prosperity Now | October 24

Integrating Rewards Cards Into Children’s Savings Account Programs | Recording and Slides | Prosperity Now | September 26

2019 CSA Program Survey Now Open

The 2019 CSA Program Survey is now available for CSA programs currently in operation. Please complete the survey by November 1st and help us update the State of the CSA Field report and CSA Directory!

Complete the 2019 CSA Program Survey