Children's Savings Accounts

One way to achieve an ownership society is to endow all children with savings accounts starting at birth. This report shows that specific design features of a children's savings account program will impact the distribution of wealth. For example, non-taxability of account earnings distributes significantly more benefits to higher-income groups than to lower-income groups. Also, because many families experience mobility over their lifetimes, a significant portion of benefits conditioned on low annual income will accrue to middle- and higher-income families.… more

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One promising initiative for increasing personal savings is now underway in the United Kingdom. Since its beginning in 2005, the U.K. has given every child born on or after September 1, 2002, a Child Trust Fund (CTF). A mechanism for building the savings capacities of families, CTFs give all… more

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