Illinois Approves Child Development Accounts for All Newborns

Illinois state capitol, Springfield, Illinois

Illinois became the most recent state in the U.S. to adopt universal Child Development Accounts on August 23, when Gov. J.B. Pritzker signed legislation to open a 529 college savings plan account with deposits for every child born or adopted in Illinois after Dec. 31, 2020.

Nebraska Approves Universal, At-Birth CDA Policy

Nebraska’s legislature today approved a universal Child Development Account (CDA) policy that will cover every resident born in the state on or after January 1, 2020.

CSD begins third phase of research on Child Development Accounts

With financial support from philanthropists, the Center for Social Development is conducting a third wave of research on Child Development Accounts (CDAs) in the Oklahoma 529 College Savings Plan. Wave 3 of the SEED for Oklahoma Kids (SEED OK) experiment expands the original CDA with an automatic, progressive deposit and extends the research to examine […]

Forum focuses on expanding access to 529 college savings plans

More than 65 invited guests from 18 states and the District of Columbia attended a lively Child Development Account Forum in late July at the Brown School of Social Work. CSD and Missouri State Treasurer Eric Schmitt, who oversees Missouri’s 529 college savings plan, hosted the event.

Pennsylvania adopts universal Child Development Account policy

With bipartisan support, Pennsylvania is launching a statewide policy to provide college savings accounts for all newborns with a $100 scholarship grant. The universal, automatic-enrollment Child Development Account policy will affect many families: Pennsylvania averages 140,000 births a year.

Taiwan adopts a Child Development Account policy

A national Child Development Account policy is emerging in Taiwan. President Tsai Ing-wen in June signed into law the Act on Savings Accounts for the Education and Development of Children and Teenagers.

On the agenda: How to advance Child Development Accounts

​About 50 researchers, practitioners, policymakers and funders met this month in Washington, D.C., to discuss how to advance the field of Child Development Account programs by making them sustainable and scaleable to reach millions.

CSD research informs California’s new college savings grant program

The ScholarShare Investment Board, which oversees California’s 529 college savings plan, will administer the program. Margaret Clancy, policy director at the Center for Social Development, serves on ScholarShare’s Matching Grant Program Advisory Committee.

Update: Financial Capability Month

Financial Capability and Asset Building for All is one of the 12 Grand Challenges for Social Work and a growing practice in the social work profession. The Center for Social Development is committed to working with its partners to increase the financial capability of individuals, families, and communities across the globe!

Grinstein-Weiss discusses new CDA program with Israeli media

Michal Grinstein-Weiss, associate director of the Center for Social Development, spent part of December with Israel’s leading media providing insight on the country’s new law creating Child Development Accounts, the Savings for Every Child law.

CSD research informs New York City’s new child savings accounts

The mayor of New York has announced a new child savings account to help thousands of New York City public school children save for college. City officials relied on research from the Center for Social Development to develop the three-year pilot program, which starts next fall.

Special issue focuses on financial capability, asset building

“Financial capability and asset building” is the theme of the 60th anniversary issue of Social Work. Articles by several researchers at the Center for Social Development were published in the October 2016 issue of the flagship journal of the National Association of Social Workers.

Brown School scholars discuss lifelong asset building

​Social Security provides an important base of income, and without it about 50 percent of America’s elderly would live in poverty, said David Certner, legislative counsel and legislative policy director for government affairs at AARP.

CSD receives College Kids Ambassador Award

On August 18, the Center for Social Development received the College Kids Ambassador Award from the St. Louis Treasurer’s Office of Financial Empowerment.

CSD leaders chart best practices for Israel’s new CDAs

​Building on a longtime working history, leadership from the Center for Social Development formally advised the Israeli government in May on best practices for implementing the country’s new law to confer universal savings accounts on children born in Israel. The law takes effect in January 2017.

How Israel implements child accounts will be crucial

Michal Grinstein-Weiss, associate director of the Center for Social Development, spent part of December traveling in Israel on an important mission: to spread the word about how Israel can best implement its new law to provide universal child savings accounts known in the United States as Child Development Accounts, to all newborns.

Israel adopts savings accounts for children based on CSD recommendation

Israel’s parliament has passed a law funding long-term savings accounts for all newborns, based on a proposal developed by Michal Grinstein-Weiss, associate director of the Center for Social Development, and on research efforts led by Michael Sherraden, director of CSD.

CSD joins launch of Campaign for Every Kid’s Future

​At the Center for Social Development, we believe that financial security should be lifelong, starting at birth and extending from childhood through adulthood. Today CSD is proud to join CFED and more than a dozen other partners in launching the Campaign for Every Kid’s Future.

Rhode Island newborns get college savings

Rhode Island’s treasurer and governor-elect, Gina M. Raimondo, on Dec. 10 announced a policy change to make college savings more accessible for newborn children in that state. In January, it will be as simple as checking a box.

SEED OK experiment already making an impact on families, policy

An experiment that models the first truly universal Child Development Account policy in the United States shows early positive impacts for parents and children, according to a research summary recently published by the Center for Social Development at Washington University in St. Louis.

CSD partners with St. Louis Fed on balance sheet symposium

​The Center for Social Development at Washington University in St. Louis built on an already engaged and productive relationship this month when it co-sponsored a symposium with the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis.

Maine becomes first state to provide college savings for all newborns

This week, the state of Maine became the first in the United States to make college savings for newborns universal and automatic, putting into practice research pioneered by Michael Sherraden and the Brown School’s Center for Social Development at Washington University in St. Louis.

Interviews with mothers of young children shed light on college savings

When every dollar is spent on necessities like diapers, gasoline and utilities, saving for college may be the furthest thing from a new parent’s mind. Mothers participating in a research study, however, suggest that a college savings account with $1,000 makes them feel optimistic about their children’s postsecondary education.

Five strategies to improve 529 College Savings Plans

State-sponsored college savings plans, often called 529 plans, offer tax incentives to facilitate saving for postsecondary education. Low- and moderate-income families are less likely to have college savings than higher-income families.

CSD launches new College Savings Initiative

Through the College Savings Initative, CSD and the New America Foundation will examine innovative ways to create more inclusive 529 college savings plans.