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 raised awareness of and promoted 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 economic security.
To support CSA efforts across the First District, the Boston Fed organized the New England Children's Savings Account Consortium in partnership with Maine's Alfond Scholarship Foundation. Currently, CSAs are actively being used throughout New England as a mechanism for encouraging families at all income levels to save for postsecondary education.
Although the Boston Fed’s role and formal initiative to support and advocate for the widespread use of CSAs in New England is now over, we continue to host Consortium meetings and follow the group’s progress as it assesses CSAs to better understand the immediate and long-term effects of these programs on the educational and economic outcomes of lower-income families in our region.
For questions about the former Children’s Savings Account initiative, please contact Brian Clarke.