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Children’s savings accounts were designed to improve social mobility, but do they work?

August 30, 2018

Encouraging low-income families to squirrel away money for their children’s future sounds like a great way to help kids achieve financially stability. But children’s savings account programs may not be doing much to level the playing field for people of color in the U.S.

A new report from Prosperity Now (formerly the Corporation for Enterprise Development), a nonprofit based in Washington, D.C., said many children’s savings accounts or CSAs are ineffective at addressing the racial wealth gap.

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