It’s time for a statewide Child Savings Account program

Related Posts

Washington’s long-term care plan is essential and must be protected

The expanded Child Tax Credit’s broad-based access to cash must be made permanent

The Working Families Tax Credit will reduce hardship across Washington

Getting rid of legal financial obligations can protect the economic security of thousands of Washingtonians

New reforms bring balance and equity to state’s tax code and economy

It’s time for a statewide Child Savings Account program

CSAs can help put more kids on track for success in education

By - February 5, 2020

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.

1. The Institute on Assets and Social Policy (IASP).

About Jennifer Tran, Research and Policy Director

Jennifer leads the Budget & Policy Center’s research and policy team, and she serves on the organization’s leadership team. She oversees the Center’s Progress in Washington series, which tracks our state’s progress and identifies policy solutions to build a more inclusive economy.

Read more about Jennifer