Financial Education

Child Savings Accounts: A Primer

Asset Building — Fri, 01 Aug 2008 09:28:00 -0400

Executive Summary

Poverty reduction strategies increasingly focus on the importance of creating financial assets. Child Savings Accounts (CSAs) are a novel and promising tool that builds on that focus by promoting savings starting at a young age. Child Savings Accounts (CSAs) exist as policies, products, and programs, and are being offered by governments, financial institutions, and non-profits for a variety of purposes.

This primer aims to provide an overview of the concept of CSAs, various purposes for and features of the accounts, impacts CSAs can have on a child's development, and obstacles that impede the widespread provision of the accounts. By highlighting examples of CSA products, programs and policies, we aim to… more

Financial Literacy: Need, Strategies, Opportunity

Asset Building — Thu, 17 Apr 2008 08:37:00 -0400

New America Foundation Recognizes President Bush's Financial Literacy Volunteer Initiative, But Sees Room for Improvement

Communications — Fri, 07 Mar 2008 16:02:00 -0500

Yesterday the White House launched a new Financial Literacy Volunteer Initiative to help connect struggling homeowners with financial counselors and to provide financial education at-large through a nationwide volunteer corps. New America Foundation's Asset Building Program has long called for the creation of a national Financial Services Corps and has made the idea a central component of its financial education policy agenda at both the federal and state level.

The announcement by the White House is an important first step. "However," said Melissa Koide, Deputy Director of New America's Financial… more

Karen Murrell in The Oklahoman on Financial Education

Communications — Sun, 28 Oct 2007 07:30:00 -0400

New America in the News:

Explosive growth in the number and complexity of financial products available to Americans has far outstripped programs aimed at teaching consumers how to choose and use those products, experts said Wednesday at a financial education conference in Oklahoma City.

Consumers have dozens of options unavailable to previous generations in terms of retirement plans, loans and credit cards, said Karen Murrell of the New America Foundation, a Washington, D.C.-based think tank.

"What hasn't changed is the amount of education people get to help them make these decisions," Murrell said.

One of the results has been a sharp decline in personal savings, Murrell said.

"People are not only spending every dime they have, they're dipping into savings," she said. "Debt is rising much faster than household income." ...

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New America Foundation Launches Financial Services and Education Project

Jerry Irvine — Thu, 14 Dec 2006 17:21:00 -0500

(WASHINGTON, DC, 12/14/06)— In response to the growing complexity of financial services, the persistent need for widespread, effective financial education, and the increasing importance of reducing debt and building wealth by millions of low-, moderate- and middle-income Americans, the New America Foundation’s Asset Building Program is establishing the Financial Services and Education Project, with funding from the Ford Foundation.

“To build and retain personal and community assets, Americans must navigate a financial system that is innovative and robust, but complex and constantly changing,” said Ellen Seidman, the recently named director of the new project. “The Financial Services and Education Project… more