Children’s Savings Accounts: A New Strategy on the Road to Universal Savings Policy. Carl Rist, CFED 2003 State IDA Policy Conference St. Louis, MO November 10-12 , 2003. The Facts: Children and Poverty. 11,733,000 children under 18 (16.3%) lived in poverty in 2001 (Census Bureau).
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Children’s Savings Accounts:A New Strategy on the Road to Universal Savings Policy
Carl Rist, CFED
2003 State IDA Policy Conference
St. Louis, MO November 10-12, 2003
SOURCE: PSID, 1999
*Net Financial Assets below three-month income poverty standard.
Research(summarized by Scanlon and Page-Adams):
As a share of federal spending,investments in children represent 2% of GDP,compared with:
At 6%,$1000 invested for 18 years yields $3,000:
The goal of theSavings for Education, Entrepreneurship, and Downpayment (SEED) Policy and Practice Initiative:
To develop, test, document, and impel progressive, matched savings accounts and financial education – SEED accounts – as a cost-effective life-long wealth-building tool, practice, policy and system.
Accounts:Move 1000+ low-income children and their families toward economic independence through cost-effective SEED accounts.
Practice: Develop cost-effective, scalable practice models for different age cohorts of children 0-18.
Research & Evaluation: Document, research, and evaluate SEED account models and effects.
Policy: Develop, advocate, and enact progressive universal federal/state policy.
Communication: Develop and communicate effective messages, results and lessons.
Coalition: Build a diverse, inclusive, and effective coalition to guide and promote effective SEED practice and policy.
9 Community Partners:
1 “Experimental” Partner:
Community Foundation for Greater New Haven
Oakland Livingston Human Service Agency
Harlem Children's Zone
National Center on Poverty Law
Boys and Girls Clubs of Delaware
Mile High United
Good Faith Fund
Corporation for Enterprise Development
123 W. Main St., 3rd Floor
Durham, NC 27701
See the SEED Website at seed.cfed.org