Children’s Savings Accounts

About this Policy

All children should have the opportunity to thrive. A Universal Children’s Savings Account (CSA) program provides both the hope and the means to expand educational and economic opportunity for Illinois families. With a CSA provided at birth, every child will start off on the right foot.

During the 2019 legislative Session we are advancing universal CSA legislation, HB2237.

Policy Highlights

    2019 Legislation

    HB2237 will automatically provide a $50 seed deposit into a 529 college savings account for every child born or adopted in Illinois. The State Treasurer’s Office will work with community organizations and philanthropic partners to establish savings incentives, such as a one-to-one dollar savings match. Download the fact sheet to learn more.

    We originally introduced universal CSA legislation in 2017. Learn more about the 2017 legislative effort and download the 2017 fact sheet and FAQ.

    Benefits of a CSA Program

    CSAs Create a Pathway to a College Degree for More Children: Low- and moderate-income children with college savings of just $1 – $499 are 3 times more likely to attend college and 4 times more likely to graduate from college.

    CSAs Support Early Childhood Development & Maternal Health: Accumulating savings within a household positively affects a parent’s outlook on their child’s future. This real hope for the future has been shown to reduce maternal depression symptoms and support early childhood development. Children given a CSA at birth score better on socio-emotional development indicators than their counterparts who did not receive a CSA.

    CSAs Result in Financially Capable Children: Children enrolled in a CSA program and receiving financial education scored significantly higher on financial capability tests than those receiving only the education.

    CSAs Promote Saving Behavior: CSAs give families the opportunity to practice the skills that lead to financial well-being.

    CSAs Create Economic Stability: CSAs increase the number of qualified workers available for jobs that require postsecondary education – resulting in a more competitive economy for Illinois.

     

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