Research shows that low-income and moderate-income students who are the beneficiaries of children's educational savings accounts are three times more likely to enroll in college and four times more likely to graduate college. Research also indicates that children without educational savings accounts experience the greatest erosion between the high school student's aspiration to attend college and their subsequent rate of college enrollment by age twenty-two.
The legislature recognizes that in order to have a skilled and educated workforce it is vitally important for the state to encourage young people to pursue their dreams of attending and completing postsecondary educational programs of their choice. Promoting children's educational savings accounts is a promising strategy for helping young Washingtonians identify as college bound, while at the same time stimulating the continued growth and dynamism of the state's economy and helping to end the cycle of intergenerational poverty.
The council shall complete a study examining design options for a statewide child savings account program in Washington that includes an implementation plan. The minimum requirements of this implementation plan are outlined. The council will convene stakeholders to review preliminary recommendations by November 30, 2020. And submit preliminary findings and recommendations to the appropriate committees of the legislature by December 30, 2020, and a final report by June 30, 2021.