The Value of Children’s Savings Accounts
March 31, 2022
On Tuesday, March 29, Book Harvest’s Founder and CEO, Ginger Young, moderated a Campaign for Grade-Level Reading Webinar entitled “Children’s Savings Accounts: Building Wealth, Aspirations & Prosperity for Children & Families.”
Presenters and commentators addressed research in the field of Children’s Savings Accounts (CSAs), which shows that having a savings account from an early age can improve educational outcomes, social-emotional development, and positive parental interactions/practices.
Successful CSA programs, like Book Harvest’s Bright Futures, were also highlighted. Christina McLean, mom of Book Babies alumna, Lauren, from the class of 2018, spoke about the power of Bright Futures:
“This investment shows children that there are people in addition to their family that care about their futures and want to invest in them, because they as well, see their potential, greatness and know that they will make such a powerful impact in the world. This will also show children the importance of investing. They will be able to reflect throughout their journey and see how receiving $100 up until they were five years old has now grown and how much it has grown, by the time they become eighteen. This investment shows parents that it is not to late for them to invest in their children’s future and their potential that they always knew would help change the world. It also shows parents that you do not have to be rich or wealthy to be able to start saving, you can save, $10 a month, $100 a year, whatever you can afford will still make a POSITIVE impact in your child’s future education!” Christina McLean, Book Babies Parent, Class of 2018
Presenters were William Elliot, III, Ph.D., University of Michigan School of Social Work and Carl Rist, Independent Consultant. Commentators included: Patty Grant, Community Foundation of Wabash County, Indiana; Muneer Karcher-Ramos, City of St. Paul, Minnesota; Christina McLean, Book Harvest Book Babies Bright Futures; and Colleen Quint, Alfond Scholarship Foundation, Portland, Maine.
You can watch the highly informative presentation below and here.