Keystone Savings Accounts
Investing in Brighter Futures for All Pennsylvania ChildrenThe Torsella Plan - Universal Children Savings Accounts
I’m running because I think the Treasurer has a vital role to play in addressing the great challenge of our time: turning back the rising tide of inequality, rebuilding our middle class, and creating opportunity for every Pennsylvanian. There are 150,000 kids born every year in our Commonwealth. I want every single one to grow up saving money, fully participating in the financial system, and planning for a bright future as a college or vocational school graduate.
I have a plan for Keystone Accounts: universal, automatic Children Savings Accounts (CSAs) for every child born in Pennsylvania, designated for college or other post-secondary training.
The plan is modeled on similar programs in other states, none of which use public funds. New research suggests that children with bank accounts at birth, even with small balances, are up to 7 times as likely to attend college or other post-secondary training. And for those children, a college degree can mean up to a million dollars more in lifetime income.
With the third-highest student debt load in the country, and the average four-year degree in the state costing over $45,000, it’s time for Pennsylvania to lead the way in pioneering new ways to help make college or vocational training a reality for students in every zip code.
As Pennsylvania State Treasurer, I will.