This legislative session, lawmakers have an opportunity to move Washington one step forward in creating a strong and equitable statewide Child Savings Account (CSA) program by passing House Bill 2776 and Senate Bill 6577. The proposed bills would direct the Washington Student Achievement Council (WSAC) to explore design options and develop an implementation plan to establish child savings accounts at birth for every child born in Washington state.
CSAs are long-term savings or investment accounts that provide incentives to help children – especially children with low incomes – build dedicated savings for postsecondary education. CSAs can have life-changing health and education impacts for children and families, and the benefits are even greater for families with low incomes and families of color.
Washington would be joining a broader, national movement as there are over 95 CSA programs across the country, 17 of which are statewide programs.1 If implemented, the WSAC will be identifying ways to make it easy and automatic for all families to participate in college savings, to reduce the racial and income gaps in program participation, and to engage kids and families with the accounts.
Read our policy fact sheet to learn more about Child Savings Accounts.