California Governor Gavin Newsom and First Partner Jennifer Siebel Newsom announced a significant milestone with one million CalKIDS "baby bond" accounts claimed by families, simultaneously launching the California Golden Start Challenge to further boost children's savings for higher education and career training. The state's pioneering CalKIDS program, launched in 2022, provides eligible children with up to $1,500 for college or career training expenses.
Governor Newsom emphasized the program's impact, saying, "Every kid deserves a shot at a bright future — no matter how much money their family makes. That’s why we created CalKIDS: to put up to $1,500 in the hands of kids to help pay for college, career training or whatever comes next. One million kids have already claimed their accounts, but millions more still have money waiting for them." First Partner Jennifer Siebel Newsom added, "One million CalKIDS accounts is an incredible milestone and a testament to California’s bold investments for families across the state, helping give kids the tools and opportunities to reach their full potential."
The California Golden Start Challenge, a new public-private partnership with Invest America, calls on businesses and philanthropists to contribute to both CalKIDS and federal 530A accounts. Early commitments include Micron Technology's $250 million pledge, with $250 seed deposits for children in Sacramento and Santa Clara counties, and an anonymous $3.5 million donation in San Francisco for a $500 deposit for every child born in the city in 2026. Brad Gerstner, Founder and Chairman of Invest America, said, "Every child should have the chance to build an ownership stake in their future. This is a simple, yet transformational idea that is bringing people together across the country, and California is leading the way."
California State Treasurer Fiona Ma, CPA, Chair of the ScholarShare Investment Board, celebrated the achievement, stating, "California is leading the nation by investing in children's futures, and reaching 1 million claimed CalKIDS Scholarships is an extraordinary milestone." While over 6 million CalKIDS accounts have been established with more than $2.3 billion, millions in available savings remain unclaimed, and families are encouraged to visit CalKIDS.org to determine eligibility.
Further enhancing financial opportunities, the federal 530A accounts program offers a $1,000 contribution for eligible newborns. Michael and Susan Dell have also committed an additional $250 to 3.3 million eligible California children, totaling over $800 million. These initiatives align with California's new statewide personal finance curriculum, which will be required for graduation starting with the class of 2030–31, aiming to equip students with essential real-world money skills.