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ASPIRE Act/KIDS Accounts

Asset Stripping: The End of the UK's Child Trust Fund

November 7, 2011
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At the very core of our work lays the idea that everyone deserves equal opportunity. From an assets perspective that means we need to take steps to expose all children to the benefits of assets in the household (and the "wealth effect" that accompanies those assets) beginning very early in life. That's why we've championed the idea of a universal system of children's savings accounts, specifically the ASPIRE Act, for years now.

Lessons from "The Office" - What Scott's Tots Teach Us About Getting More Kids to College

October 21, 2011
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It's an incredibly uncomfortable scene. Michael Scott returns to the class of student to whom he made the pledge 10 years earlier that if they graduated from high school, he would pay for their college. Now as they anticipate this promise being fulfilled, they perform a song to demonstrate their appreciation:

Summarizing the Research: Evidence from a Statewide Randomized Experiment Testing CDA Policy

October 18, 2011
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A growing number of studies examine the relationships between children’s savings accounts and their educational and financial outcomes. (Please see the Center for Social Development’s website or read this review article for more information on the studies examining these relationships). Consistently, children who have savings accounts early in life have significantly better educational and financial outcomes compared to children who do not have savings accounts early in life. These findings hold true even after taking into consideration things like academic achievement, household income, and household net worth.

Debt, Consumer Protection and Middle Class Wealth Building

October 5, 2011
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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
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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
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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
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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
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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
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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.

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