2018 • 18–3
Family Engagement Strategies in Children's Savings Accounts: Results from a 2017 Survey of Programs
by Brian Clarke
The Boston Fed regards Children’s Savings Accounts (CSAs) as one highly promising tool in improving the economic strength of lower-income people and communities in New England. Since 2013, we have been raising awareness of and promoting research on CSAs for higher education, focusing our efforts on studying the policy, practice, and learnings from these programs as part of our strategy to increase household financial stability.
To support CSA efforts across the First District, the Boston Fed has organized the New England Children's Savings Account Consortium in partnership with Maine's Alfond Scholarship Foundation. All six New England states have adopted or are currently considering adopting automatic, universal CSAs as a mechanism for encouraging families at all income levels to save for postsecondary education. The Consortium works to understand the immediate and long-term effects of CSAs on educational and economic outcomes in these states.
The Boston Fed is also identifying longer-term research and engagement opportunities to help New England states gauge the impact and efficacy of CSA programs.