BAKERSFIELD, Calif. (KERO) \u2014 CalKIDS is providing every child born after July 2022 with a personal savings account already opened in their name. Totaling close to $175 to get your child prepared for their future goals and dreams.<\/p>\n
Imagine your child starting life with college savings already in place. CalKIDS is a program that started in 2022 and was meant to help students and parents in California prepare for their future. This program is offering a savings account for all newborns to start saving up for their education.<\/p>\n
The organization currently has more than 5 million children enrolled in the program. With a state investment of 2 billion dollars, all these children will have a chance to start growing their money and preparing for higher education.<\/p>\n
Cassandra Divenedetto Executive Director with the Scholarship Board for CalKIDS said “One of the ideas behind the CalKIDS program was as a state we wanted to make an investment into our children. Not only do we believe they will be able to go to college or career training after school but we want to ensure that investment.”<\/p>\n
Parents across the state have already started to claim their savings account for their child. Kern County residents have close to 2 million dollars for their children alone.<\/p>\n
Amellia Zamani CalKIDS Recipient said “Being a single mom any amount of money for my son\u2019s future is welcomed. I really appreciate the flexibility of the program, I know not every kid is destined for a traditional four year school. I have family members who went to trade school and even became entrepreneurs so I am thankful for the flexibility the program provides.”<\/p>\n
According to the research provided by CalKIDS children with a minimum amount of savings in their name towards college are three times more likely to attend and four times likely to finish. The account can be accessed by submitting your child’s birth certificate number at CalKIDS.org<\/p>\n
“It\u2019s an invested account which receives compounded interested added to it. It starts at an amount up to $175 and that amount grows with your child.” said Divenedetto<\/p>\n
Parents are able to constantly fund the account throughout their child’s life. While also inviting their friends and family to supplement the account also through their personal CalKIDS link. Together, steady deposits compound into bigger interest earnings \u2014 building a stronger financial foundation for your child.<\/p>\n
Zamani said “I think it\u2019s amazing because we don\u2019t need 10 different stuffed animals. I’ve received a lot of hand-me-down clothes, he doesn\u2019t need any more outfits. This is something really tangible. I know it\u2019s more fun seeing him unwrap something but this is pretty awesome it\u2019s so helpful. It\u2019s also really easy to access.”<\/p>\n
Children are already registered when they are born all you have to do as a parent is claim their account.
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