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More than 500,000 young Singaporeans to receive S$200 Edusave or PSEA top-up

More than 500,000 young Singaporeans to receive S$200 Edusave or PSEA top-up
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Students attending a class at a primary school. (File photo: TODAY)
12 May 2021 12:50PM)
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SINGAPORE: About 532,500 Singaporeans aged between seven and 20 in 2021 will each receive a one-off top-up of S$200 to their Edusave account or Post-Secondary Education Account (PSEA) this month.
The top-ups are a component of this year s Budget, the Ministry of Finance (MOF) and Ministry of Education (MOE) said in a joint statement on Wednesday (May 12)
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“This additional top-up is part of the Household Support Package announced at Budget 2021 to provide families with additional support for their children’s education-related expenses,” the ministries said. ....

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Some US states are giving newborns savings accounts for college

Some US states are giving newborns savings accounts for college
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Some States Are Giving Newborns Savings Accounts for College

Oklahoma s savings account for newborns spurred a greater interest in pursuing higher education.
Sen. Cory Booker reintroduced legislation in February to give every newborn $1,000 in college savings.
Providing newborns with college savings accounts at birth has been an idea that has floated around lawmakers minds for years. Sen. Cory Booker of New Jersey, for example, campaigned on baby bonds when running for president, which would provide every child with a $1,000 savings account.
Some states are now beginning to follow suit. New research reveals those efforts could have an encouraging impact on children s futures in the years ahead.
An Oklahoma research project, called SEED for Oklahoma Kids or SEED OK, launched 14 years ago by the Center for Social Development at Washington University in St. Louis to study whether creating a savings account for newborns would improve graduation rates and chances of going to college years later. ....

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A growing number of US states are giving newborns cash for college savings accounts. New research suggests it spurs parents to save more.

A growing number of US states are giving newborns cash for college savings accounts. New research suggests it spurs parents to save more.
asheffey@businessinsider.com (Ayelet Sheffey)
Some states have opened college savings accounts for newborns, and the early results are good.
Oklahoma s savings account for newborns spurred a greater interest in pursuing higher education.
Sen. Cory Booker reintroduced legislation in February to give every newborn $1,000 in college savings.
Providing newborns with college savings accounts at birth has been an idea that has floated around lawmakers minds for years. Sen. Cory Booker of New Jersey, for example, campaigned on baby bonds when running for president, which would provide every child with a $1,000 savings account. ....

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Child Development Accounts can spark college savings

Parents of newborns with Child Development Accounts deepen their commitment to the child’s higher education and their own efforts to save for that education, research finds.
The findings come from two newly released publications: a research summary of account and savings data from 2008-2019 and a report on analyses of 2020 survey responses. Both publications come from a long-running, randomized social experiment called SEED for Oklahoma Kids (SEED OK).
“This new research reinforces the long-term benefits of effective policies to build assets for children automatically from the time of birth,” says Michael Sherraden, professor at Washington University in St. Louis, the founding director of the Center for Social Development at Washington University’s Brown School, and the experiment’s principal investigator. ....

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