New tool will help Californians claim public child savings funds
California is developing a tool allowing families to claim public investment dollars as the federal government is set to launch a program establishing savings accounts for children that will award $1,000 to babies born between 2025 and 2028.
Gov. Gavin Newsom and State Treasurer Fiona Ma said Wednesday the state would partner with the Early Wealth Partnership nonprofit to develop the Early Investment Accounts Navigator. The navigation tool will allow people to track how much they can claim from state and federal programs that offer public wealth funds, like CalKids, locally-offered savings accounts and the forthcoming Trump Accounts.
On Friday, the U.S. Treasury rolls out Trump Accounts, which will offer $1,000 to babies born between Jan. 1, 2025 and December 31, 2028. Parents will have to fill out forms to access the 530a accounts, which function like individual retirement accounts. Kids who are not eligible for the $1,000 seed will receive $250 via the Michael and Susan Dell Foundation.
The state’s Early Investment Accounts Navigator will launch by the end of 2026, with support from Google’s philanthropic arm, according to Newsom’s office, and help families take advantage of money they may not be aware they are eligible for.
“This partnership will make it easier for Californians to connect with CalKIDS accounts and other proven wealth-building tools, helping more children and families get on a path toward long-term financial security,” Newsom said in a statement.
CalKids is a state program that establishes college savings accounts for low-income kids born starting in 2022.
Ma said 1.5 million Californians are currently eligible for public programs that total $21.3 billion in investments and assets.
“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,” she said.
