Connect Every Child to a Lifelong Savings Account

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Media Outlet: Solutions

The idea of universally endowing every child with a savings account starting at birth was initially proposed by Michael Sherraden in his 1991 book, Assets and the Poor. Sherraden argued that traditional welfare programs, which provide only income supports, were not enough to help families climb out of poverty. What were needed to bring about meaningful improvement in the long-term economic conditions of low-income families were asset-building policies like children's savings accounts (CSAs).


Reid Cramer is director of the Millennials Initiative at New America. Previously, he served as the Asset Building program's research director and as a co-director of New America's Next Social Contract Initiative.