California is charting a bold new path for economic equity by giving millions of children a financial head start. Earlier this month, State Treasurer Fiona Ma hosted the inaugural California’s Early Wealth Account Systems (CEWAS) Summit: Pathways to Promise, a first-of-its-kind gathering of leaders, educators, researchers, and advocates focused on strengthening early wealth-building tools for families across the state.
The full-day event, which took place in Sacramento at The Sofia, Home of B Street Theatre, turned the spotlight on California’s national leadership in children’s savings programs, particularly CalKIDS, which has invested more than $2.15 billion to help nearly 5 million children build a foundation for higher education and career training. The CEWAS Summit comes at a pivotal moment, as California continues expanding its savings infrastructure with a focus on economic mobility, intergenerational wealth-building, and racial equity.
“Even small savings early on can make a big difference,” said Treasurer Ma. “This summit is about sharing ideas and exploring what’s possible when every child has a financial head start.”
Actress, comedian, and foster youth advocate Tiffany Haddish shared her personal story of resilience and discussed how early financial empowerment can change the trajectory for vulnerable youth. As founder of the She Ready Foundation, Haddish has been a national voice for foster youth and underserved communities.
A total of $2.2 billion has been invested statewide in child savings accounts through CalKIDS and 15 local programs. More than 5.2 million children are currently supported through these initiatives. CalKIDS automatically awards up to $1,500 to eligible public school students and up to $175 for all babies born in California after July 1, 2022.
In addition to Ma and Haddish, featured speakers included Lieutenant Governor Eleni Kounalakis, State Superintendent of Public Instruction Tony Thurmond along with CSA experts, financial institutions, researchers, and community advocates.
Sessions at the summit explored how early savings contribute to academic success, long-term financial stability, and thriving communities.
