SACRAMENTO, Calif.–(BUSINESS WIRE)–March 1, 2022–
The ScholarShare Investment Board (SIB or Board) was recently announced as the recipient of a grant from the Charles Stewart Mott Foundation. The grant, in the amount of $750,000, will be used by the Council over the next three years to market and increase awareness and education about the upcoming Child Development Savings and Investments program of California (CalKIDS or program) scheduled to launch by summer 2022.
CalKIDS, established in 2019 and expanding in 2021, will provide every California-born child and eligible low-income public school students enrolled in grades one through 12 with financial deposits and incentives ranging from $25 to $1,500 in a college savings account. Money held in a CalKIDS account can be used for higher education expenses in a child’s future. With approximately 450,000 newborns and 3.7 million low-income public school students, CalKIDS is expected to become the nation’s largest children’s savings account (CSA) program.
Treasurer Fiona Ma, Chair of the ScholarShare Investment Board, said the following in response to the grant announcement: “I would like to thank the Charles Stewart Mott Foundation for their generosity and strong support of children. This grant will ensure that CalKIDS reaches as many children and parents as possible across the state and gives them the opportunity to start saving for college to create a pathway to higher education.
Based in Flint, Michigan, the Charles Stewart Mott Foundation seeks to promote a more just, equitable, and sustainable society through programs focused on civil society, education, the environment, and the Flint area. Through its education program, the foundation funds efforts to expand educational opportunities that help all children, especially those in low- and middle-income communities, succeed in school, career and in life. Over the past decade, the Mott Foundation has worked nationwide to expand CSA programs such as CalKIDS.
“Every child, in every ZIP code, deserves the opportunity to pursue their educational goals and aspirations and envision a path to higher education,” said Benita Melton, who leads the education program at the Mott Foundation. “We are thrilled to support CalKIDS’ efforts to raise awareness about children’s savings accounts and help families harness the power of CSAs to create a brighter future for their children.”
Assemblyman Adrin Nazarian (D-Van Nuys), one of the main creators of the program, added: “A children’s savings account can provide more than just a financial asset, but optimism and promises for decades to come. However, for CalKIDS to have its full impact, Californians need to educate themselves about the program so they can take full advantage of this opportunity. I am very grateful to the Charles Stewart Mott Foundation for their partnership in this crucial endeavor and grateful for their generosity.
CSA programs like CalKIDS encourage families to establish an early savings pattern and provide families with a starting point to build assets and prepare for the costs of higher education. The academics have found that kids with even $500 or less earmarked for college savings are three times more likely to enroll in college and nearly four times more likely to graduate than kids with no savings.
In addition to administering CalKIDS, the ScholarShare Investment Board oversees California’s official 529 college savings plan, ScholarShare 529, which provides families with a diverse set of low-cost, tax-efficient investment options for save for higher education. ScholarShare 529 has been helping families save for college for over 22 years and currently manages over $13 billion in plan assets as of December 31, 2021.
To learn more about CalKIDS and sign up for future updates, visit www.CalKIDS.org.
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CONTACT: Alma Murphy
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TEENAGERS PARENTING CHILDREN BANKING PROFESSIONAL SERVICES FAMILY UNIVERSITY CONSUMER ELEMENTARY/SECONDARY EDUCATION
SOURCE: ScholarShare Investment Board
Copyright BusinessWire 2022.
PUBLISHED: 03/01/2022 13:00 / DISK: 03/01/2022 13:02
Copyright BusinessWire 2022.