Section 530A: Newsom announces changes to early savings and investment accounts for California families

California families will soon have a streamlined way to access financial resources for their children, thanks to a new initiative announced by Governor Gavin Newsom and State Treasurer Fiona Ma. In collaboration with the Early Wealth Partnership, the state is developing a tool designed to help families discover and claim financial assets intended for minors.

Dubbed the "Early Investment Account Navigator," this new platform will centralize various savings, investment, and economic support programs for children. The initiative aims to simplify access to existing benefits that many households have yet to claim. According to state authorities, the tool is expected to make it easier for families to connect with state programs that currently benefit over 1.5 million individuals.

Governor Newsom highlighted that billions of dollars in public funds are allocated for children, but a portion remains unclaimed due to difficulties in locating or understanding available opportunities. "Too many families are leaving resources on the table," Newsom stated, adding that the collaboration will facilitate connections with CalKIDS, the state's automatic college savings program, and other wealth-building tools.

State Treasurer Fiona Ma noted that the new tool will enhance access to savings and investment programs managed by the State Treasurer's Office. These initiatives currently serve more than 1.5 million people and oversee approximately $21.3 billion in assets and investments. The platform will allow users to explore programs such as CalKIDS, HOPE Trust accounts, federal Section 530A accounts (also known as Trump Accounts), and various local child savings initiatives.

Google is supporting the project with a $625,000 grant and voluntary technical assistance from its engineering team. The navigator will be designed for mobile phones and available in multiple languages. The Early Wealth Partnership plans to launch the initial phase in California before expanding the model to other states by the end of 2026. The system will also help identify philanthropic contributions and allow parents to check if their employers offer matching contributions to these accounts.

“

Too many families are leaving resources on the table.