Contact: Kristin Lawton, 202.408.9788
Jun 9, 2015
Major CFED Initiative to Expand Children’s Savings Launched Today at Clinton Global Initiative (CGI) America Gathering
Campaign for Every Kid’s Future Announced On Stage By President Clinton
Denver, CO. – Speaking at the 2015 Clinton Global Initiative (CGI) America meeting, President Bill Clinton announced the launch today of the CFED-led Campaign for Every Kid’s Future, a CGI America Commitment to Action to significantly expand the reach of Children’s Savings Account programs in cities and states nationwide.
Andrea Levere, president of CFED (the Corporation for Enterprise Development), joined President Clinton on stage for the announcement, which also highlighted a range of other programs across the country designed to encourage economic growth and social mobility.
The high-profile annual meeting brings together leaders from the business, philanthropic, NGO and government sectors.
The Campaign for Every Kid’s Future will support the dramatic growth of Children’s Savings Accounts (CSAs) over the next five years to ensure that at least 1.4 million children receive an account and that 25 large-scale programs are running by 2020. CSAs are established for children as early as birth and are typically used for post-secondary education. They are seeded with an initial deposit and then built up over time by contributions from family, friends and the children themselves as well as savings matches from donors. Research indicates that low- and moderate-income children with college savings of just $500 or less are three times more likely to enroll in college and four times more likely to graduate.
“These accounts can have a profound impact on children’s expectations for pursuing and succeeding in education after high school,” said Levere, adding that the Campaign “aims to build a groundswell of large-scale CSA initiatives at the state and local level to ensure all children have access to college savings.”
Levere was joined on stage by several campaign partners who are also leading efforts to expand children’s savings programs including Colorado Governor John Hickenlooper; San Francisco Treasurer Jose Cisneros; St. Louis Treasurer Tishaura Jones; Heidi Goldberg, director of Economic Opportunity and Financial Empowerment for the National League of Cities Institute for Youth, Education, and Families; Laura Owens, director of Strategic Initiatives for the ‘I Have A Dream’ Foundation; and Michael Sherraden, founder and director of the Center for Social Development at Washington University in St. Louis.
A small but growing number of cities and states have launched or are in the process of launching CSA programs. The largest include San Francisco’s Kindergarten to College, which in 2010 began automatically depositing $50 in a savings account for every child in public kindergarten, and Maine, which deposits $500 in a 529 college savings account for all newborns.
But such programs cover only a fraction (currently about 165,000 children) of those who could benefit from CSAs. Through the Campaign for Every Kid’s Future, CFED will work at the local and state level to expand these efforts by providing a range of tools and support, including policy advocacy and an on-line fundraising platform – CFED’s 1:1 Fund – for matching funds to help grow CSA accounts.
Partnering with CFED in this initiative are state and local programs, advocates, researchers and policymakers. In addition to those who appeared on stage with Levere, they include Rhode Island Governor Gina Raimondo, Milwaukee Mayor Tom Barrett, and Rhode Island Treasurer Seth Magaziner. Joining these local leaders as partners are several federal policymakers who have championed children’s savings accounts in the House and Senate, including Senators Chris Coons (D-DE), Chris Murphy (D-CT), Chuck Schumer (D-NY), and Ron Wyden (D-OR), and Representatives Joe Crowley (D-NY) and Matt Cartwright (D-PA). Click here for a complete list of Campaign partners.
“The Campaign will bring together the children’s savings field under an important goal: to ensure more kids have access to these accounts. Working in partnership, we can ensure advocates and policymakers have the research and assistance they need to make these programs a success,” said Kate Griffin, vice president of programs for CFED.
CFED has long been a leader in the children’s savings field, starting with the launch of the SEED Demonstration project in 2003, a 10-year national initiative to determine what would happen if low-income children received savings accounts “seeded” with modest financial incentives and paired with financial education. Since then, CFED has worked with state and local treasurers, elected officials, school districts, and private philanthropists to establish and successfully run CSA programs.
Find out more at http://savingsforkids.org.
CFED empowers low- and moderate-income households to build and preserve assets by advancing policies and programs that help them achieve the American Dream, including buying a home, pursuing higher education, starting a business and saving for the future. As a leading source for data about household financial security and policy solutions, CFED understands what families need to succeed. We promote programs on the ground and invest in social enterprises that create pathways to financial security and opportunity for millions of people. 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.
The Clinton Global Initiative (CGI), an initiative of the Clinton Foundation, convenes global leaders to create and implement solutions to the world’s most pressing challenges. Established in June 2011 by President Bill Clinton, the Clinton Global Initiative America (CGI America) addresses economic recovery in the United States. CGI America brings together leaders in business, government, and civil society to generate and implement commitments to create jobs, stimulate economic growth, foster innovation, and support workforce development in the United States. Since its first meeting, CGI America participants have made more than 400 commitments, which have improved the lives of nearly 1.4 million people.
CGI also convenes an Annual Meeting, which brings together global leaders to take action and create positive social change, CGI University (CGI U), which brings together undergraduate and graduate students to address pressing challenges in their community or around the world, and, this year, CGI will also convene CGI Middle East & Africa, which will bring together leaders across sectors to take action on pressing social, economic, and environmental challenges. For more information, visit clintonglobalinitiative.org and follow us on Twitter @ClintonGlobal and Facebook at facebook.com/clintonglobalinitiative.