Nearly half of all elderly Americans will experience poverty
Nearly half of all Americans between the ages of 60 and 90 will encounter at least one year of poverty or near poverty, says a recent study by Mark R. Rank, PhD, professor at the Brown School at Washington University in St. Louis. The findings are published in the current issue of Families in Society: The Journal of Contemporary Social Services.
Savings accounts in child’s name provide lifelong benefits
Child Development Accounts are savings accounts that begin as early as birth and allow parents and children to accumulate savings for post-secondary education, homeownership or business initiatives. “There is evidence that when there are savings and assets in the household – particularly savings in a child’s name – that children have greater educational attainment, are more likely to do well in high school, attend college and graduate from college,” says Michael Sherraden, PhD, the Benjamin E. Youngdahl Professor of Social Development at the Brown School. Sherraden recently was named to TIME Magazine’s TIME 100.