SACRAMENTO – Gov. Gavin Newsom and State Treasurer Fiona Ma, CPA July 1 announced that Early Wealth Partnership — a nonprofit ensuring California’s children access to the state’s $2.4 billion early wealth-building system — is building a new tool to support the success of CalKIDS and other local, state, and federal early wealth-building opportunities. As billions in allocated resources go unclaimed, the new Early Investment Accounts Navigator connects the fragmented landscape of children’s savings and wealth-building accounts enabling families to more easily find and claim what their children are already eligible for.
For example, a Medi-Cal-eligible family with a newborn in Oakland would discover that their child already has $500 in an Oakland Promise Brilliant Baby account, $100 from CalKIDS, and $1,000 in a 530A Trump Account.
Early Wealth Partnership will launch this pilot navigation tool first in California, with plans to expand to other cities and states by the end of 2026. With pro bono technical support from Google engineers and funding from Google.org, this mobile-first, bilingual tool will make it easier for all California families to connect to CalKIDS, HOPE Trust Accounts, 530A Trump Accounts, and locally operated child savings programs for their children. Another feature of the tool will help parents learn about philanthropic contributions their children may be eligible for, such as a $250 gift made by Michael and Susan Dell through their philanthropies, including the Michael and Susan Dell Foundation, into eligible children’s 530A Trump Accounts.
About Early Wealth Partnership, CalKIDS, and Section 530A Accounts
Early Wealth Partnership is a public-private partnership working to ensure that low- and moderate-income children in California fully benefit from every early wealth-building account for which they are eligible. It coordinates implementation of the California Early Wealth Accounts System Plan, and leverages philanthropic and corporate resources to create an accessible ecosystem of financial resources for children’s futures. Early Wealth Partnership is a fiscally sponsored project of Community Initiatives, supported by grants from The BlackRock Foundation, The Annie E. Casey Foundation, Walter & Elise Haas Fund, and the Hellman Foundation.
CalKIDS, administered by the ScholarShare investment board and chaired by State Treasurer Fiona Ma, CPA, is a statewide automatic scholarship program created to expand access to college and career training. Eligible California public school students automatically receive up to $1,500 in CalKIDS Scholarships and must claim their account in order to use the funds for qualified educational expenses until age 26. Students can visit CalKIDS.org to confirm eligibility and claim their scholarship.
Section 530A Trump Accounts are tax-advantaged children’s investment accounts established under federal law and backed by the United States Treasury. Every American child under the age of 18 with a Social Security number is eligible for an account. Family, friends, employers, governments, and philanthropists can all make additional contributions to a child’s account. Eligible newborns can receive a $1,000 contribution from the U.S. Treasury; billions have been committed to provide contributions for older children. To learn more, visit InvestAmerica.org or claim your account at TrumpAccounts.gov.