Children’s Savings Account Program Treasurer’s Office of Financial Empowerment St. Louis, MO Erin Thiemann, CSA Coordinator

CSA Goals Make college accessible to our city’s students Create a culture of asset-building for low and moderate income families Increase access to and utilization of safe and affordable financial products Boost financial capability of city families Leverage private investment in our youngest generation

College Kids $50 seed deposit All Kindergarten students in a public or charter school Deposit-only custodial savings account Exempt from asset tests (SNAP, WIC, TANF) Universal, Automatic (opt-out) Withdrawals for college expenses (ACT, application fees)

Our Partners Credit Union School District Financial Education Research Partner Holds accounts, shares transaction-level data, and hosts Family Savings Nights Shares student data, parent coordinators serve as liaisons, and host family events at schools Provides online and smartphone access to parent financial education Behavioral economics research lab, engaged in multiple RCTs

Incentives Attendance: College Expectations Look for incentives that are easy to access for families, easy to track for evaluation, are sustainable over the life of your program, and align with your program goals Family Financial Education: Financial Security and well being Matched Deposits: Asset accumulation

Savings Family Deposits Incentives Earned Total College Savings Attendance, Parent Financial Education, and Matches Includes seed deposits Cash, Check, Direct Deposit, Online Bill Pay $69,143 $464,848 $14,745

Linking Families to Resources •Attending Lunch and Learns at the OFE •One-on-one financial coaching via Operation HOPE •Bank on Save Up •Referrals to down payment assistance/housing programs •Additional products at 1st Financial (114 accounts) •Partnership with VITA sites to directly deposit tax refund into CK account •Financial Education and Asset Building in 40+ languages with the International Institute

Family Engagement Family Savings Nights at the Credit Union Your Money Your Goals Classes Back to School Events Kindergarten Graduation

Questions? Erin Thiemann thiemanne@stlouis-mo.gov