This document was presented by an elementary school principal in 2005 at the Testimony for Hearing on “Building Assets for Low-Income Families,” Subcommittee on Social Security and Family Policy, Senate Finance Committee. The program described is Saving for Education, Entrepreneurship, and Downpayment (SEED) Policy and Practice Initiative, a children’s savings demonstration.
SEED is a multi-year national initiative to develop, test, and promote the idea of matched savings accounts and financial education for children and youth. The initiative seeks to set the stage for inclusive American policy for asset building through children's savings. It is an initiative aimed at testing the efficacy and impact of children’s savings accounts as a tool to promote economic independence.
SEED began full operation in 2003 and will span an additional five years. The first year was devoted to selecting community partners, ramping up individual programs, completing development of initiative systems and tools, and opening the first accounts. The following four years are dedicated to operation, communication, research, evaluation, innovation, and advocacy. The final year will focus on compiling, assessing, and communicating the lessons of the initiative.
