CSD research informs New York City’s new child savings accounts

The mayor of New York announced a new child savings account to help thousands of New York City public school children save for college, a move based on research and assistance from the Center for Social Development (CSD). The Brown School program helped New York to develop a three-year pilot program, which starts next fall.

“The steep cost of higher education has left too many New Yorkers unable to afford a college degree,” New York Mayor Bill de Blasio said in a Nov. 22 news release. “With this initiative, every child — regardless of their family’s economic status — will have a fighting chance to access higher education.”

Conversations between the city’s Office of Financial Empowerment and CSD Policy Director Margaret Clancy began in late 2014, when she shared research findings from SEED for Oklahoma Kids (SEED OK) and policy experience working with state 529 plan leaders. New York’s news release quoted CSD Director Michael Sherraden.

For more information, visit csd.wustl.edu/newsroom/news/Pages/NYCChildDevAccounts.aspx.