Governor Gavin Newsom and State Treasurer Fiona Ma today announced a collaboration with Early Wealth Partnership to launch the Early Investment Accounts Navigator, a new tool designed to help California families easily access billions of dollars in financial resources for their children. This innovative, mobile-first platform, developed with philanthropic support from Google.org and technical assistance from Google engineers, will consolidate information on various public and philanthropic savings and investment programs, such as CalKids and Section 530A Trump Accounts. Many of these allocated resources currently go unclaimed, despite being intended to support children's financial futures.
Governor Newsom emphasized the initiative's importance, saying, "Too many families are leaving resources on the table that can help them build a stronger financial future, not because those opportunities don't exist, but because they are sometimes hard to find and understand." He added that California is proud to be the first state to launch this new tool, utilizing technology to expand opportunities for more families. First Partner Jennifer Siebel Newsom also commented, "All children deserve the opportunity to build a strong financial future, and that starts with providing families easy access to the tools and resources that make it possible."
The Navigator will allow parents to easily check for eligibility for programs like the $500 Brilliant Baby account from Oakland Promise, $100 from the CalKids program, and $1,000 in Section 530A Trump Accounts. It will also help identify philanthropic contributions, such as a $250 deposit from Michael and Susan Dell for eligible Section 530A Trump Accounts. Additionally, the tool will enable parents to verify if their employer participates in matching contributions to Trump Accounts.
State Treasurer Fiona Ma said, "This new tool will make it easier for Californians to access the various savings and investment programs available through the State Treasurer's Office, which currently benefit over 1.5 million people and manage approximately $21.3 billion in assets and investments." Amanda Feinstein, Executive Director of Early Wealth Partnership, highlighted the renewed sense of hope and motivation families experience upon discovering these resources, stating, "The Early Investment Accounts Navigator will make that discovery much simpler."
The pilot program will initially launch in California, with plans for expansion to other cities and states by the end of 2026. Matt Lira, Executive Director of Invest America, noted the unprecedented movement to support child investment accounts, saying, "This navigator will help families take advantage of all the opportunities created for their children." CalKids, administered by the ScholarShare Investment Board, provides up to $1,500 in scholarships for eligible public school students. Section 530A Trump Accounts are tax-advantaged investment accounts for minors, backed by the U.S. Treasury Department, with initial contributions for eligible newborns and potential employer matching.