It is thus in the public interest to facilitate savings for children’s future. Child Development Account
(CDA) policies provide a structured, incentivized way for children to accumulate assets. Such
policies have recently been adopted in the United Kingdom, Canada, South Korea, and Singapore
(Loke & Sherraden, 2009). In the United States, there is also growing interest in CDAs. At the
federal level, several CDA bills have been introduced, including the America Saving for Personal
Investment, Retirement, and Education (ASPIRE) Act, Young Savers Accounts, 401Kids Accounts,
and Baby Bonds (Cramer, 2008; Loke & Sherraden, 2009).