Latino Immigrant Families Saving in Children's Savings Account Program against Great Odds: Prosperity Kids
This study uses administrative records from New Mexico’s Prosperity Kids Children’s Savings Account (CSA) program and in-depth interviews with a sample of participating parents and children to examine savings outcomes and experiences for these low-income Latino families. At this point in the CSA’s evolution, 29% of Prosperity Kids accounts have seen deposits from families’ saving. As of December 2015, among families who contributed in addition to match or incentives, 54% have saved more than $100 in their account. The median total account value for these families was $345 at the end of 2015 (mean, $394). The median amount of family deposits is $123 (mean, $155), with median match deposits of $124 (mean, $139). Average monthly contributions are $12 (ranging from <$1 to $220). Average quarterly contributions were $31.
Lewis, M., O'Brien, M., Elliott, W., Harrington, K., Crawford, M. (2016) Immigrant Latina Families Saving in Children’s Savings Account Program against Great Odds: The Case of Prosperity Kids. Lawrence, KS: University of Kansas, Center on Assets, Education, and Inclusion.