Task force to create saving accounts for kids

April 20, 2010 4:24:40 PM PDT
One day all children in Illinois may have their own savings accounts.

On Tuesday, Robin Kelly, chief of staff for the state treasurer's office, announced the launch of a new task force. The task force will recommend how best to create financial accounts for each child born in Illinois. The goal is to transform more state residents into savers and investors rather than spenders and borrowers.

"We know the importance of having an actual saving account... for our future generations," said Kelly.

The task force will present its findings this fall.

Other states and many foreign countries have established children's savings programs. Illinois could become the first Midwestern state to do so.


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