ASPIRE Act/KIDS Accounts

Debt, Consumer Protection and Middle Class Wealth Building

October 5, 2011
Publication Image

Those were the topics on tap at yesterday's Senate Banking Subcommittee on Financial Institutions and Consumer Protection hearing. As I mentioned yesterday, our own Ray Boshara (well, he's not all ours anymore) was on a crowded but extremely informative panel alongside Ida Rademacher from CFED.

42 New GEAR UP Grants Include Children's Savings Programs

October 4, 2011
Publication Image

This year the U.S. Department of Education's Gaining Awareness and Readiness for Undergraduate Programs, commonly known by the acronym GEAR UP, encouraged grantees to include children's savings programs in their applications. The Department of Education's decision to make children's savings programs a funding priority is based on research that tests the relationship between children's savings and their educational outcomes. This research, much of which is published by William Elliott (Assistant Professor at the University of Kansas and Senior Research Fellow here at NAF) and is publically available on the Center for Social Development's website under asset building, consistently finds significant, positive relationships between children's savings accounts and their educational outcomes including academic achievement, high school graduation, and college attendance and completion.

Kindergarten to College (K2C)

  • By
  • Anne Stuhldreher,
  • New America Foundation
  • and Leigh Phillips, San Francisco Office of Financial Empowerment
September 26, 2011

In the Spring of 2011, the City of San Francisco automatically opened college savings accounts for over 1,000 San Francisco Kindergartners. The City also “seeded” every account with an initial deposit of $50. The account openings marked the official launch of San Francisco’s Kindergarten to College initiative, or “K2C.” This initiative, the first of its kind in the nation, aims to improve the odds for San Francisco Kindergartners and set all San Francisco public school children on a path to college, from the very first day of school.

Summarizing the Research: Children's Savings Intervention for Raising College Attendance

September 21, 2011
Publication Image

A growing number of research studies investigate the association between children's savings and their educational outcomes, findings which suggest providing children with savings accounts at an early age may be a way to improve their educational outcomes. A recent press release summarizes these research studies, many of which have been conducted by researchers at the University of Kansas and the Center for Social Development. Research also suggests children’s college-bound identities—whether or not they expect to graduate from college—are also associated with children’s educational outcomes. Along these lines, it may be useful to know whether interventions that combine savings plus college-bound identity are best for improving college attendance. A new study has recently been released on the Center for Social Development's website that addresses this very question. This post summarizes findings from William Elliott and colleagues’ paper, Toward a Children's Savings and College-Bound Identity Intervention for Raising College Attendance Rates. Results are forthcoming in the journal Sociology Mind

WNYC: America's Deepening Poverty Problem

September 15, 2011
Publication Image

Yesterday, I had the opportunity to discuss the recent poverty and income numbers from Census on WNYC's Brian Lehrer Show.

The Other Debt Crisis

August 26, 2011
Publication Image

The country is facing a serious debt crisis that threatens to undermine our economic recovery. No, not that one. American households are carrying around $11.4 trillion of debt.

Investing in Children: Evidence of Long-Term Financial Outcomes from the HighScope Perry Preschool Project

August 19, 2011
Publication Image

Last week, NPR treated listeners to an interesting broadcast that touted preschool as potentially the best job-training program. This isn't really news to our friends in the Early Educational Initiative, who have been advocates for early childhood education for some time.

Introducing Junior ISAs, the Replacement for UK’s Child Trust Fund

August 5, 2011
Publication Image

Last week the United Kingdom’s Treasury released details on Junior Individual Savings Accounts (ISAs), which are designed to replace the Child Trust Fund (CTF). The CTF, which was in operation from 2005 to 2010, provided universal savings accounts to all newborns in the U.K. with progressive contributions for eligible account holders. Their replacement, Junior ISAs, will retain little of these same features when they become available on November 1, 2011, calling into question whether their features will benefit children from low-income backgrounds.

Have you heard of the Young Americans Bank?

August 5, 2011
Publication Image

The First FDIC-Insured Bank Designed just for Young People Turns 24 Years Old

The research on young people’s savings points to early access to basic financial services to improve young people’s life outcomes, including things like improved financial and educational outcomes. Just to give a few examples, research by William Elliott and colleagues finds that young people who have their own savings accounts are significantly more likely to attend and graduate from college. Some of my own research finds that young people are significantly more likely to continue saving later in life when they have access to savings accounts early in life. Given the apparent importance of young people’s savings for improving their life outcomes, financial institutions have a role to play in including young people in basic financial services.

Michael Gerson to Congress "You Should Listen to New America."

July 29, 2011

Michael Gerson has an op-ed in the Post today decrying the way that the debt ceiling debate has crowded out discussion of more important topics, namely the recent Pew Research Center report on rising wealth inequality in the US.

While leveling both barrels at Congress, Mr. Gerson takes time out to say a few kind words about our work:

Syndicate content