What are Prosperity Kids Child Savings Accounts?
Prosperity Kids Child Savings Accounts are matched education savings accounts for limited-income households. Each Child Savings Account is opened with a $100 deposit and is matched 1:1—up to $200 per year, and can be used for college or a successful transition into adulthood. Parents also complete 10 weeks of financial capability and parent-child development education—including how to start a supplementary emergency savings fund to further stabilize the household.
Results
Evidence shows that success later in life often is predicated upon a financially informed and solvent foundation seeded with a modicum of savings during childhood.
Children who are enrolled in and leverage their Child Savings Accounts are:
- Four to six times more likely to attend college or some form of
postsecondary education; - Three-and-a-half times more likely to earn a college degree;
- 50 percent less likely to experience depression;
- Primed for heightened socio-emotional development relative to
their peers by preschool, and - More likely to shape, along with their family, a success-oriented,
“college-going identity” frame—through which they envision their
future aspirations, and work to bring them to fruition.