WASHINGTON — Child accounts might be one way to help children learn the importance of savings, John Tippets, president/CEO of American Airlines Federal Credit Union, told legislators during a July 31 press conference with legislators.
Tippets is supporting the findings in a report from the Aspen Institute Initiative on Financial Security titled "The Case for Child Accounts." The accounts are structured so that children under the age of 18 have an investment account funded from their birth date with an initial investment of a $500 government endowment. Family and friends can then contribute to the account. The report also encourages federal matching funds for low to moderate income children. Upon turning 18, children will take full ownership of the account.
During the press conference hosted by Senate Banking Chairman Chris Dodd (D-Conn.), Tippets said the child accounts would be a viable way to educate children about the importance of saving and investing.
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