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In recent years, there has been a surge in Children’s Savings Accounts (CSA) programs being planned and launched across the country by state and local governments, community foundations, and nonprofit organizations. The creation of new programs and expansion of existing CSA programs in the Midwest region has contributed to this national growth in the CSA field. The acceleration of CSAs in the Midwest is no accident. Since 2017, there have been targeted efforts to launch and strengthen CSA programs in the Midwest through a collaborative regional approach modeled on the best practices and success of the New England CSA Consortium. |
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What are Children’s Savings Account programs?
CSAs are long-term savings or investment accounts opened for a child at birth or another key developmental stage and are often used to build assets for post-secondary education and career training. CSA programs can be a powerful tool to promote family economic mobility, putting children on a path for higher education and career attainment from an early age and cultivating a strong sense of hope for the future. Evidence shows that youth participating in a CSA program are more likely to plan to attend college. Similarly, having childhood savings is correlated with a college-bound identity. If designed thoughtfully, programs can also promote racial equity, particularly in college access and attainment. Saving for children’s future education is associated with better college enrollment and completion, with the greatest benefits for Black students and those with low incomes.
This report outlines the growth of CSAs in the region from the start of the Midwest CSA Consortium in January 2017 through the end of 2020. For the purposes of this report, the Midwest includes the nine states currently considered to be part of the Consortium’s region: Minnesota, Wisconsin, Illinois, Missouri, Nebraska, Iowa, Indiana, Ohio, and Michigan.
