Governor Polis Announces New Savings Opportunity for Colorado Foster Youth

DENVER ~ In a recent press release, Governor Jared Polis of Colorado announced that the state will be participating in a new federal initiative that will allow child welfare agencies to open tax-advantaged savings and investment accounts for eligible children and youth in foster care. This move aims to provide these vulnerable individuals with the opportunity to build assets for their education, first home, and a more financially secure future.

Governor Polis emphasized the importance of giving every child the chance to pursue their dreams and achieve financial independence. He stated, "Colorado should take advantage of every available dollar to help foster youth save for college, a first home, and a successful future." With approximately 3,700 children and youth currently in out-of-home foster care in Colorado, this initiative will ensure that they have access to the same asset-building opportunities as other children whose parents or guardians can open accounts on their behalf.

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The "Fostering the Future" initiative has received bipartisan support from governors across multiple states. It allows state child welfare agencies to open and manage accounts for eligible children and youth in foster care, providing them with the same opportunity to build long-term savings as other children. To be eligible for these accounts, children must be under 18 years old and have a valid Social Security number. Those born between January 1, 2025, and December 31, 2028 can receive an initial $1,000 contribution from the U.S. Department of Treasury. Additional contributions of up to $5,000 per account can be made by families, employers, businesses, and philanthropic organizations. The funds in these accounts are invested and can grow over time until withdrawals can be made at age 18 or for certain qualifying events such as education expenses or purchasing a first home.

Private partners have also shown their support for this initiative. The Michael & Susan Dell Foundation has announced $250 contributions for eligible children under the age of 10 who do not qualify for the federal contribution. Micron, a technology company, has pledged a one-time $250 contribution for eligible children with accounts in Boulder and Weld counties.

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The Colorado Department of Human Services will be working closely with the U.S. Department of Treasury, the federal Administration for Children and Families, counties, and other partners to address any legal, administrative, and operational requirements. Today's announcement reflects Colorado's commitment to participate in this initiative, and more information about implementation and enrollment will be shared as it becomes available.

This new initiative is a significant step towards providing foster youth with the same opportunities as their peers to build assets for their future. With the support of the federal government, private partners, and state agencies like the Colorado Department of Human Services, these young individuals can have a better chance at achieving financial stability and success in their adult lives.

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