Economic inclusion is one of CEDAM’s highest policy priorities. A key part of our efforts to create more pathways to financial well-being is overseeing the Michigan Children’s Savings Account (CSA) Network, a coalition of independently operated CSA programs across the state. Since its founding in 2017, the Network has worked collectively to make postsecondary education and career training more attainable for Michigan students.

The 2023-24 academic year was a landmark period of growth for Michigan’s 16 actively enrolling CSA programs. The Network opened 17,766 new student accounts, a nearly 40% increase in total enrollment compared to the previous year. Remarkably, 30% of all existing CSAs were opened during this academic year—a record-breaking achievement. Additionally, the programs achieved a 44% participation rate, with nearly half of all accounts active throughout the year; this was particularly exciting considering these are predominantly universal, opt-out programs. These milestones highlight the expanding reach of CSAs in creating equitable financial opportunities for Michigan families. This progress didn’t happen overnight; this is the product of dedicated CSA programs engaging their communities as trusted resources and advocates.

A Community-Driven Success Story

This year’s success highlights the strength of a collaborative network, where programs actively share knowledge, resources, and best practices. Many programs across the state recorded impressive wins during the 2023-24 academic year. (Check out pages 5-12 of the report for a snapshot of their impressive accomplishments.)

In 2023, CEDAM awarded grants of up to $50,000 to four CSA programs for projects aimed at enhancing program impact. Three of the projects included:

• Building Foundations: A capital campaign to increase account balances for account holders.
• Celebrating Community: A five-year anniversary event that brought together students, families, and community leaders to raise program awareness.
• Program Ambassadors: A student and teacher ambassador initiative to promote CSA participation and engagement.

These projects were locally designed and implemented. Other programs across the state were able to learn from their success, adopt new ideas, and apply effective strategies to strengthen their own programs. When one program thrives, the entire network benefits.

Building Capacity Through Research and Tools

Understanding and reaching target audiences more effectively was another highlight of 2023-24. Through extensive surveys and focus groups, the Network gained critical insights into the needs of students and families. To turn these insights into action, CEDAM launched the CSA Program Communications Toolkit. Co-developed with Network programs, this resource centralizes promotional materials and provides tools to enhance local outreach capacity. By providing all of the CSA programs with these resources, we hope to empower them to create meaningful, lasting connections with their communities.

Looking Ahead

As the Michigan CSA Network reflects on its achievements, we remain focused on sustainable growth and innovation. By celebrating this year’s successes and addressing ongoing challenges, such as funding sustainability and engagement barriers, we aim to build on this momentum in the years to come. Together, we are advancing economic inclusion and helping Michigan’s children make their aspirations a reality.

For more information or to bring a CSA program to your community, contact Madeleine March-Meenagh.