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The Promise of Child Development Accounts: Current Evidence and Future Directions

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  • Trina Shanks

Abstract

Almost a quarter of U.S. households face economic insecurity, with inadequate savings and no financial cushion. However, helping low-income, low-wealth households build assets could improve near-term economic security, and also help children in such households succeed academically and achieve future economic success. Child development accounts provide a financial platform where a child can start to accrue savings and build a foundation for economic mobility. Yet only three percent of all U.S. households participate in college savings plans now offered in every state.

Suggested Citation

  • Trina Shanks, 2014. "The Promise of Child Development Accounts: Current Evidence and Future Directions," Community Investments, Federal Reserve Bank of San Francisco, issue 02.
    • Handle: RePEc:fip:fedfci:00034
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