Contact: Kristin Lawton, 202.408.9788
Feb 28, 2017
CFED to Strengthen ‘Campaign for Every Kid’s Future’
New $1 Million Grant from Prudential Will Promote College Savings and Access for Low-Income Families
FOR IMMEDIATE RELEASE
Contact: Kristin Lawton, 202.408.9788
Washington, D.C. – The Corporation for Enterprise Development (CFED) and The Prudential Foundation today announced a $1 million, two-year grant to support the Campaign for Every Kid’s Future, the cornerstone of CFED’s Children’s Savings program. The Campaign aims to ensure that 1.4 million children in the United States have Children’s Savings Accounts in their names by 2020, on the way to an ultimate goal of universal Children’s Savings Accounts for all children in the U.S. by 2025.
Children’s Savings Accounts (CSAs) are long-term savings or investment accounts established for children and youth (ages 0-18) and allowed to grow until children reach adulthood. Most CSA programs provide an initial “seed” deposit to start accounts, and savings are built by contributions from family, friends and the children themselves. In addition, savings are encouraged by matching incentives. Account proceeds are typically restricted to important lifetime investments, such as post-secondary education. Research shows that low-income children with college savings of as little as $1-$499 are three times more likely to attend college and four times more likely to graduate.
With the announcement of this grant, Prudential, through its Foundation, becomes the lead supporter of the Campaign for Every Kid’s Future. As part of the company’s mission, Prudential seeks to support promising innovations that help Americans increase savings and build assets.
“The Campaign for Every Kid’s Future will help ensure that all families have the ability to build postsecondary education savings for their children,” said Lata Reddy, vice president of corporate social responsibility for Prudential Financial Inc. and president of The Prudential Foundation. “At Prudential, we believe everyone should have the opportunity to achieve financial security and the peace of mind that comes with it. Our partnership with CFED has been critical as we both look to create solutions that give all children the opportunity to achieve their dreams and reach their full potential.”
Through this project, CFED will work to ensure that 700,000 children across the country have a CSA by November 2018. This target is part of the larger Campaign for Every Kid’s Future, a collaboration among CFED and numerous policymakers, practitioners, researchers, funders, child advocates and financial institutions who are dedicated to expanding Children’s Savings Accounts (CSAs) so that all children and families, especially the most financially vulnerable, have the opportunity to build savings for the future.
For more information on the Campaign for Every Kid’s Future, click here.
CFED’s work makes it possible for millions of people to achieve financial security and contribute to an opportunity economy. We scale innovative, practical solutions that empower low- and moderate-income people to build wealth. We drive responsive policy change at all levels of government. We support the efforts of community leaders across the country to advance economic opportunity for all. Established in 1979 as the Corporation for Enterprise Development, CFED works nationally and internationally through its offices in Washington, D.C.; Durham, North Carolina; and San Francisco, California.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of December 31, 2016, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.