BOYS & GIRLS CLUBS OF DELAWARE'S YOUTH ESTABLISHING SAVINGS PROGRAM

What difference would it make if every child in America grew up knowing that she or he had a nest egg to go to college, buy a home, or start a business? What benefits would accrue to individuals, families, and society as a whole? How would we build such a system?

The Savings for Education, Entrepreneurship, and Downpayment (SEED) Initiative is a ten-year national policy, practice and research endeavor to develop, test, inform, and promote matched savings accounts and financial education for children and youth.  The initiative seeks to set the stage for universal, progressive American policy for asset building among children, youth, and families. 

Twelve partners nationwide are testing and documenting specific aspects of children's savings programs.  Eleven community partners are establishing more than 800 accounts and engaging different age cohorts, savings incentives, financial education approaches, and financial institutions.  One pre-school demonstration and impact assessment partner is working with 500 accountholders and 500 children in a comparison group in Pontiac, MI. 

The Boys & Girls Clubs of Delaware is part of a nationwide movement to inspire and enable all young people, especially those from disadvantaged circumstances, to realize their full potential as productive, responsible, and caring citizens.  The Clarence Fraim Club in Wilmington offers 71 SEED accounts to middle school students.

Each SEED accountholder received an initial deposit of $375 and can earn a dollar-for-dollar match up to a total of $2,000.  SEED participants attend financial education classes after school at the Club, and can earn additional savings by participating in educational programs or working at the Club's cafe.  Parents can also earn savings incentives toward their child's account by attending financial education workshops or volunteering at the Club.

Check out a story of one of the accountholders.

The SEED Initiative is led by CFED, the Center for Social Development at Washington University in St. Louis, the Initiative on Financial Security of the Aspen Institute, the New America Foundation, and the University of Kansas School of Social Welfare. 

CFED and the New America Foundation are working with members of Congress to solicit serious consideration for the America Working for Personal Investment, Retirement, and Education (ASPIRE) Act.  If passed, ASPIRE would encourage savings, promote financial literacy, and expand economic opportunity by creating a Kids Investment and Development Savings (KIDS) Account for every child in the U.S. born beginning January 1, 2006.  For the latest updates on federal legislation, as well as links to recent articles and research on children's savings accounts, visit: http://www.aspireact.org

For more information, please contact Francine McGriff at (302) 655-4591 or fmcgriff@bgclubs.org. Terri Hasson at (302) 324-6454 or Theresa.A.Hasson@Citigroup.com.

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