Child savings accounts promote positive social-emotional development, study finds
A college savings account in a child’s name not only gives parents hope for the future, it also results in improved social-emotional health for their children. That’s the result of a new study released Jan. 27 online in JAMA Pediatrics. The study, led by Washington University in St. Louis’ Center for Social Development in collaboration with the state of Oklahoma, began in 2007 as SEED for Oklahoma Kids, an innovative policy experiment to invest in children at birth. The program automatically opened and deposited $1,000 in an Oklahoma college savings plan account for 1,360 newborns.