“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.
