Childrens' Savings Accounts
Through our Children’s Savings Accounts (CSAs) Initiative, we are raising awareness of and promoting research on CSAs for higher education. Since 2013, the Federal Reserve Bank of Boston has focused on the policy, practice, and research behind CSAs as part of the Bank's regional and community focus on household financial stability.
The Boston Fed regards CSAs as one highly promising tool in improving the economic strength of lower-income people and communities in New England. Studies suggest that children who use long-term, asset-building accounts to finance qualified higher education demonstrate consistent savings behaviors, increased college attendance, and higher graduation rates.
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.
Identifying Short Term Outcome Metrics for Evaluating Whether Children's Savings Accounts Programs Are on Track
William Elliott and Kelly Harrington, Community Development Issue Brief No. 1, 2016
"A Degree of Savings"
Jessica Hathaway, State Legislatures magazine, March 1, 2016
"A Regional Approach to Children's Savings Account Development: The Case of New England"
William Elliott III and Melinda K. Lewis, University of Kansas Center on Assets, Education, and Inclusion Report 04-2015.
"Counterbalancing Student Debt with "Asset Empowerment" and Economic Mobility"
William Elliott, Monnica Chan and Anthony Poore, New England Journal of Higher Education, June 1, 2015
Moving Toward a Policy Agenda for Improving Children's Savings Account Delivery Systems
William Elliott III, Melinda K. Lewis, Anthony Poore, and Brian Clarke, Community Development Issue Brief No. 1, 2015
"Baby Talk: Children's Savings Accounts Mark New Frontier in Paying for College"
Anthony Poore and Colleen Quint, New England Journal of Higher Education, October 27, 2014
Designing CSA Initiative Metrics and Tracking Program Data
Presentation by William Elliott III, Center on Assets, Education and Inclusion & Anthony Poore, Federal Reserve Bank of Boston
Children's Savings Accounts 2.0: Building Assets & Changing Lives
Presentation by Anthony Poore, Federal Reserve Bank of Boston
Children's Savings Accounts Delivery Systems Presentation
Melinda K. Lewis, Center on Assets, Education, and Inclusion, The University of Kansas
University of Kansas Prof Outlines Fix for College Debt Problem
Recent talk by Dr. William Elliott on the potential impact of Children’s Savings Accounts - November 18, 2015
"In Maine, Three Generations Work the System to Save for College"
News story in WBUR Morning Edition, National Public Radio, October 19, 2015
Perspectives on Student Debt, the Future of New England Jobs and Workforce Development
New England Community Outlook Report, August 2015
Mutual Support Can Strengthen CSA Policy Work
Post on the University of Kansas Center on Assets, Education, and Inclusion Blog
Improving Children's Savings Account Delivery Systems
Post on the Corporation for Enterprise Development's "The Inclusive Economy" Blog