Founding $5 million investment will help launch Prosperity Now’s ABC Initiative and strengthen trusted community partnerships that connect families with child savings opportunities.

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WASHINGTON, D.C. – Every child deserves the opportunity to begin adulthood on strong financial footing. New child savings opportunities have the potential to help millions of families move closer to that goal. These new opportunities only make a difference if families know about them and have trusted support to help them take action.

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Today, Prosperity Now announced the launch of the ABC Initiative (Asset Building for Children), a national effort to help more families access existing and emerging child savings opportunities, with a focus on how the new Section 530A Accounts will reach the families that need them most. With $5 million in funding from Citi Foundation, Prosperity Now will launch the initiative’s first phase, beginning with support for trusted community organizations that help families understand available opportunities, navigate their options, and make informed decisions for their families.  

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The launch builds on Prosperity Now’s recently released Next-Generation Savings Readiness Report, which found that organizations across the country are ready to help families access child savings opportunities but need additional support to successfully implement and sustain those efforts. The report highlighted a strong national foundation of trusted community organizations, financial institutions, and local partners that are well positioned to help families navigate this landscape of growing options.

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The ABC Initiative is designed to build on that foundation. With Citi Foundation’s support, Prosperity Now will work with Volunteer Income Tax Assistance (VITA) providers, community-based organizations, financial institutions, and other partners to provide training, implementation resources, technical assistance, and family education materials that help organizations raise awareness, answer questions, and connect eligible families with child savings opportunities.

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"Building a stronger financial future for children starts with trusted relationships and making sure families know about the opportunities available to them," said Marisa Calderon, President and CEO of Prosperity Now. "The ABC Initiative is about helping families turn those opportunities into action. With Citi Foundation's support, we will work alongside VITA providers and other trusted community organizations to help more families understand child savings opportunities and take meaningful steps toward long-term financial security."

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The ABC Initiative recognizes that families are most likely to act when information comes from organizations they already know and trust. Every year, millions of households turn to VITA providers, community organizations, schools, financial institutions, and other local partners for guidance on important financial decisions. By building on those existing relationships, the initiative will help more families learn about available child savings opportunities and understand how to take advantage of them.

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The initiative is designed to help families access a range of child savings opportunities, with a focus on how families with the most need are able to access new Section 530A Accounts, by ensuring they receive clear information and trusted guidance from the organizations they already know. Through this work, Prosperity Now will help communities build lasting capacity to connect families with opportunities to save for their children's future.

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“The Citi Foundation has long believed that investing in child savings strategies is a powerful way to enhance economic mobility and create stronger, more financially resilient families and communities,” said Brandee McHale, Head of Community Investing and Development at Citi and President of the Citi Foundation. “Through this grant, we aim to make a tangible difference in the lives of countless families across the U.S. and continue our work in setting up young people for economic success from the moment they are born.”  

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For more than two decades, Prosperity Now has worked alongside national, state, and local partners to expand opportunities for children and families to build savings and long-term financial security. Today, nearly eight million children participate in Children's Savings Accounts nationwide, demonstrating both the growing momentum behind early savings strategies and the importance of helping families connect with those opportunities.

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The ABC Initiative represents the next chapter of Prosperity Now’s child savings work. By strengthening the trusted community partnerships that help families navigate important financial decisions, Prosperity Now, with the support of Citi Foundation, is working to ensure more children have the opportunity to begin adulthood with a stronger financial foundation.

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