Drafter
Clerk 09/23/2025
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A MOTION requesting the executive complete a report on the feasibility of establishing a child savings account program in King County.
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WHEREAS, household wealth is defined as the sum of the total family assets minus the total household debt, and
WHEREAS, one in five United States families has zero or negative net wealth, and
WHEREAS, according to the Institute for Policy Studies, the wealth gap between white households and households of color has grown over the past forty years, with the median household of color having wealth totaling $10,000 while the median wealth of white households is $140,500, and the wealth gap growing sharply with age, and
WHEREAS, wealth is connected to better educational attainment outcomes, better health outcomes, and more financial stability, and
WHEREAS, the 2022 Washington Future Fund Committee found that, while Washington has one of the strongest economies in the country, over half of the total household wealth within the state was concentrated within the five percent wealthiest households, and
WHEREAS, financial literacy is a term describing the skills, knowledge, and tools that allow people to make sound financial decisions, with a desired outcome of financial well-being, and
WHEREAS, according to a 2018 study only one-third of adults in the United States were able to correctly answer four of five questions on fundamental financial concepts, and
WHEREAS, child savings account programs refers to programs across the country that have been established with the goal to expand access to postsecondary education, promote financial literacy, and provide seed money for savings accounts, and
WHEREAS, the city of Atlanta, the state of California, the state of Connecticut, and New York City are among many examples of governments with established programs to support financial education and increase saving capacity, and
WHEREAS, the Washington state Legislature introduced legislation during the 2025 legislative session concerning the Washington Future Fund Pilot Project, which would study the impacts of capital assistance on access to homeownership, entrepreneurship, and postsecondary education, and
WHEREAS, King County is the local service provider for about 246,000 people in Unincorporated King County and the regional government for 2.3 million residents, and
WHEREAS, there were 22,000 births recorded in King County in 2023;
NOW, THEREFORE, BE IT MOVED by the Council of King County:
A. The council requests that the executive complete a report on the feasibility of establishing a child savings account program in King County. The report should include, but not be limited to:
1. The description and definition of child savings account programs;
2. A comparison of existing child savings account programs;
3. An outline of the potential new King County program, including:
a. definitions of primary policy objectives;
b. articulation of intended beneficiaries;
c. estimates of the county's costs to create and administer a child savings account program and potential revenue sources;
d. options for partnerships with financial institutions, nonprofits, or other governments; and
e. overview of risks, and other considerations;
4. The framework of a draft implementation plan for a regional program and a program focused exclusively in unincorporated King County; and
5. A recommendation on where, how, or if such a program could be administered organizationally in the county.
B. The executive should electronically file the report no later than September 30, 2026, with the clerk of the council, who shall retain an electronic copy and provide an
electronic copy to all councilmembers, the council chief of staff and the lead staff for the local services and land use committee, or its successor.