Publication Date
2-9-2021
Summary
In 2004, the Michigan Saving for Education, Entrepreneurship and Down Payment initiative (MI-SEED) recruited 430 families through 14 Head Start centers, enrolling 497 children in Child Development Accounts (CDAs). Designed to begin to address wealth disparities between low- and high-income families, the MI-SEED CDA used the state 529 college savings plan as the investment instrument. This brief presents results on MI-SEED savings and withdrawals through 2019. The results suggest that investment strategy greatly influences account growth, and the authors offer recommendations for ensuring acceptable growth in CDAs.
Document Type
Research Brief
Category
Financial Inclusion
Subarea
Asset Building
Original Citation
Shanks, T. R., & Meehan, P. (2021, February). MI-SEED investment funds and account growth: Implications for achieving higher rates of return in CDA programs (Research Brief No. 21-05). Washington University, Center for Social Development, and University of Michigan, Center for Equitable Family and Community Well-Being. https://doi.org/10.7936/50MK-H281
Keywords
2020; child development accounts (CDAs); Trina Shanks; Patrick Meehan; policy; SEED National Initiative; youth; MI-SEED; Michigan;
Recommended Citation
Shanks, T. R., & Meehan, P. (2021, February). MI-SEED investment funds and account growth: Implications for achieving higher rates of return in CDA programs (Research Brief No. 21-05). Washington University, Center for Social Development, and University of Michigan, Center for Equitable Family and Community Well-Being. https://doi.org/10.7936/50MK-H281
DOI: https://doi.org/10.7936/50MK-H281