Drafter
Clerk 09/23/2025
title
A MOTION requesting the executive complete a report on the feasibility of establishing a child savings account program in King County.
body
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 ...

Click here for full text