Governor Newsom, State Treasurer Fiona Ma, CPA announce collaboration with Early Wealth Partnership to help families better access financial resources

“This new tool for California residents supports access to the range of existing savings and investment programs available through the Treasurer’s office that help residents save and invest for major life goals, currently serving more than 1.5 million Californians and supporting approximately $21.3 billion in assets and investments,” said Treasurer Fiona Ma, CPA. “Bringing together the tools and technology to help residents connect and navigate these programs marks a huge leap forward as California continues to lead the nation in building financial security at every stage of life.”

“Early wealth-building accounts are powerful not only because they provide meaningful financial support at critical moments in a young person’s life, but because they fundamentally shape how children and families imagine the future,” said Amanda Feinstein, Executive Director, Early Wealth Partnership. “When families discover that resources have already been set aside for their child, it can spark a sense of possibility, motivation, and hope. The Early Investment Account Navigator will make that discovery much easier—helping families identify and secure every early wealth-building resource available to their child, so no opportunity is overlooked.” 

“Across our country, an unprecedented movement is underway to support early childhood investment accounts; the nation’s leading philanthropists and employers have already committed billions for children throughout America,” said Matt Lira, Executive Director, Invest America. “There is no wrong front door to building a better future for the next generation. From CalKIDS to Section 530A Trump Accounts, the Early Investment Accounts Navigator empowers families to claim every opportunity created for their children. We hope this public-private partnership will serve as a model for other states to follow, unlocking trajectory-changing impacts for every child in America.” 

About Early Wealth Partnership, CalKIDS, and Section 530A Accounts

Early Wealth Partnership is a public-private partnership working to ensure that low- and moderate-income children in California fully benefit from every early wealth-building account for which they are eligible. It coordinates implementation of the California Early Wealth Accounts System Plan, and leverages philanthropic and corporate resources to create an accessible ecosystem of financial resources for children’s futures. Early Wealth Partnership is a fiscally sponsored project of Community Initiatives, supported by grants from The BlackRock Foundation, The Annie E. Casey Foundation, Walter & Elise Haas Fund, and the Hellman Foundation.

CalKIDS, administered by the ScholarShare Investment Board and chaired by State Treasurer Fiona Ma, CPA, is a statewide automatic scholarship program created to expand access to college and career training. Eligible California public school students automatically receive up to $1,500 in CalKIDS Scholarships and must claim their account in order to use the funds for qualified educational expenses until age 26. Students can visit CalKIDS.org to confirm eligibility and claim their scholarship. 

Section 530A Trump Accounts are tax-advantaged children’s investment accounts established under federal law and backed by the United States Treasury. Every American child under the age of 18 with a Social Security number is eligible for an account. Family, friends, employers, governments, and philanthropists can all make additional contributions to a child’s account, building a financial foundation from the earliest years of life. Eligible newborns can receive a $1,000 contribution from the U.S. Treasury; billions have been committed to provide contributions for older children. To learn more, families can visit InvestAmerica.org or claim their account at TrumpAccounts.gov.