Building Assets for Washington State’s Future Report

“In an inclusive economy, everyone – including the youngest
among us – would have the means to have a lifetime of economic
security. Yet this is not the case for many children and families
in Washington state. Financial security and stability remain
out of reach for many families, especially for families of color.
Thirty percent of all households and fifty percent of households
headed by people of color do not have enough savings to cover
basic expenses for three months in the event of a sudden job
loss, medical emergency, or another financial crisis
– let alone
enough resources to save for their own future and the future of
their kids.
Washington’s elected leaders have the unique opportunity to
ensure prosperity for kids by creating a statewide child savings
account (CSA) program. CSAs are long-term savings accounts
established for children early on in life that build until they reach
adulthood, and offer incentives that can help accumulate savings
along the way. CSA programs structured to advance equity can
set kids up for lifelong economic success, particularly for
kids of color in families who may face additional barriers to
economic opportunity.
Our state’s well-being is inextricably tied to the health and
prosperity of Washington’s kids and families. Policymakers
who pursue the creation of programs like CSAs can help our
state thrive into the future and invest in the collective economic
prosperity of Washington state.”

The full report from the Washington State Budget and Policy Center is available here.

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Meredith Sibley