April is Financial Literacy Month, and California’s CalKIDS program is helping connect financial education to real opportunities, with more than 5 million children enrolled and more than $2 billion invested in scholarships for college and career training.
Launched in 2022, CalKIDS provides scholarships of up to $1,500 for eligible public school students and up to $175 for eligible newborns. The program is the largest children’s development account program in the nation.
Across the state, schools, families, and community organizations are using CalKIDS scholarships to introduce students to education planning and long-term financial goals. At Good Hope Elementary School in Perris, for example, the school recently achieved a 100% scholarship claim rate, using financial literacy instruction to help students understand saving and planning for the future.
“Financial literacy is most powerful when families can connect it to something real,” said State Treasurer Fiona Ma, CPA, chair of the ScholarShare Investment Board. “CalKIDS gives millions of students a scholarship in their name, encourages families to start saving early, and shows Californians that college or career training is within reach.”
Research shows that even modest savings can significantly influence educational outcomes. Students with $500 or less in savings dedicated to education are three times more likely to enroll in college and four times more likely to graduate.
CalKIDS participants are encouraged to build on their scholarships through ScholarShare 529, California’s official college savings plan. Since CalKIDS launched, ScholarShare 529 has seen sustained growth, including three consecutive years with more than 50,000 new accounts opened. In 2025, the program reached a record 52,514 new accounts, a 53% increase compared with 2020.
Growth is also increasing among families with newborns. Since 2022, the number of ScholarShare 529 accounts opened for children under age 1 has doubled, from about 8,200 annually to approximately 16,300. Over the same period, the average household income of participating families declined by 19%, indicating broader participation across income levels.
Nonprofit partners say programs like CalKIDS can help shift how families think about higher education and long-term financial planning.
“Programs like CalKIDS and ScholarShare 529 help families take the first step toward building financial stability for the next generation,” said United Way CEO, Pete Manzo. “When families see that their child already has a scholarship waiting for them, or an opportunity to save, it can shift the conversation from whether college is possible to how they can start preparing for it.”
By pairing scholarships with financial literacy and access to college savings tools like ScholarShare 529 accounts, CalKIDS is helping families take meaningful steps toward education and economic mobility.
Families can visit CalKIDS.org to check eligibility and claim their CalKIDS Scholarship in just a few minutes.
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About CalKIDS: The California Kids Investment and Development Savings Program (CalKIDS) is the nation’s largest child development account program, providing scholarships for higher education. Administered by the ScholarShare Investment Board, and Chaired by State Treasurer Fiona Ma, CPA, the program is designed to promote the pursuit of higher education statewide by empowering families to build assets, nurture savings habits, and raise their educational aspirations. Eligible public school students can receive CalKIDS Scholarships worth up to $1,500 and every child born in California on or after July 1, 2022, is awarded a CalKIDS Scholarship worth up to $175, ensuring more families have the resources needed to support their children’s education. To learn more, visit CalKIDS.org.