FROM THE PRESIDENT AND CEO
AUGUST 2025

Do you believe in the future of our nation – that our collective work can bring hope, improve economic circumstances, and expand opportunity for our youth and generations to come?

If so, we are allies.

This vision defines what we aim to accomplish and invest in—not motivated by scarcity or austerity but by a mindset of abundance. I continue to believe in the future, despite the actions of those who don’t. I continue to find footing in knowing the values that matter, to inform what new investments, approaches, and ideas are needed to create an abundant economy.

By an abundant economy, I mean an inclusive one regardless of race, ethnicity, age, disability, or gender. An economy where wealth transfer from middle-class parents to their children is once again the norm. Where the hope and dreams of a better future over the next decade are readily realized without disorienting debt. And one where retirement with dignity is readily secured.

How does that happen? We need to take the long view over the next generation. We also must recognize that many aspects of the status quo haven’t worked for years. Can we make debt-free education the norm? How about readily available capital and investments to start or grow small businesses motivated by the reality that it’s a smart, equitable move to discard historic biases, whether rural, urban, racial, or gender-based?

How many systemic changes can we identify—and make—to increase asset ownership both direct and shared? Can we expand the number of people who own homes, commercial properties, wealth-building accounts, and a mix of public and private secure retirement accounts? These have not been the status quo outcomes, but they are all achievable. To get there, philanthropy and financial institutions must build them in targeted ways.

For this reason, AFN is reinforcing its focus on building the economy we all deserve.

We recently released a two-page fact sheet comparing four types of wealth-building accounts: Children’s Savings Accounts (CSAs), 529s, the recently enacted Trump Accounts, and Baby Bonds. They are superficially similar and all have positive effects; yet the differences in tax treatment, purpose, and the likely total value of the asset when accessed in adulthood are stark. Ideally, a child will have multiple accounts building their future wealth.

We are also celebrating that Baby Bonds, like CSAs over the past decade, are gaining more champions, philanthropic investors, and public support for adoption. The increasing national attention on child wealth-building tools, including a recent Chronicle of Philanthropy article featuring AFN’s perspective, reveals how much design still matters. AFN has consistently supported the strategy that our youth need an investment—a tangible entry ticket to leverage to go to college without lurking multi-decade debt, to buy a house for the security and passive asset building, or to start a business without risking everything. These accounts will not pay for everything, but they will change the entry point, reduce the need for and cost of any debt, and help build a more abundant economy.

The rollout in Connecticut over the past two years, the recent passage of Baby Bonds in Rhode Island, and the consideration for passage in multiple states have prompted our philanthropic members to gain a deeper understanding of the strategy and their potential roles.

To support this, we have taken the following actions:

Co-hosted events in January with the Federal Reserve Bank of New York and the New School;

Highlighted the impact by one AFN member in Connecticut to showcase how philanthropic leaders are supporting implementation at the state level;

Co-hosting an event on October 23 with the Federal Reserve Bank of Philadelphia and hosting a Savings, Wealth, and Opportunity Summit in Arkansas on November 5 to elevate investments in early savings and expand stakeholder engagement; and

Releasing an AFN brief this fall reviewing the need and case-making for Baby Bonds and the significant roles philanthropy can play in the narrative about their promise, the advocacy needed for bipartisan support in the state, and the important role in implementation.

As more states adopt these accounts and the array of wealth-building tools become the scaled norm for our youth, there is reason for all of us to believe in the future shared prosperity. In the future, AFN will continue to dive into questions and solutions. These may be controversial to some, yet common sense to others. They will represent just solutions to repair past harm, smart investments with valued return, or timely strategies to address new realities that at the same time create more quality jobs and enduring economic security.

There is room—and real need—for all of us to take part in building a more abundant economy. That work is already underway. Join AFN to help develop and advance it.