Saving for College during COVID-19

The experience of the Kindergarten to College (K2C) Children’s Savings Account (CSA) program run by the San Francisco Office of Financial Empowerment (OFE) shows that despite economic hardship as a result of the COVID-19 crisis, families remain committed to saving for college. Program savings declined, though remarkably few families have requested emergency withdrawals, and families remain engaged with program activities. K2C’s experience with COVID-19 underscores the power, durability and importance of K2C and other CSA programs. Policymakers and advocates must continue to advocate for CSA pro- grams that meet the needs of low-income communities of color, and ensure that existing programs can continue to reach out to and support families.

CLICK HERE for the full report from the San Francisco Office of Financial Empowerment