California has reached a milestone of one million CalKIDS accounts claimed by families, Governor Newsom announced. The state established and funded more than 6 million CalKIDS accounts representing over $2.3 billion in college and career savings since launching the program in 2022, making it the nation's first statewide children's savings account program at this scale.
The CalKIDS program provides eligible children with publicly funded savings for college and career training. Eligible school-age children in grades 1-12 receive a $500 automatic deposit, with additional $500 deposits for eligible foster youth and homeless youth. Newborn children receive a $100 automatic deposit, with an additional $25 for those who claim their accounts through the program's online portal. Families can contribute additional savings on top of state deposits, with earnings growing tax-free when used for eligible education expenses.
To date, the program has helped 151,000 California students pursue their education, with $82.2 million distributed, though millions of dollars remain unclaimed.
Governor Newsom also announced the California Golden Start Challenge, a new public-private partnership with Invest America calling on businesses and philanthropic leaders to contribute to both CalKIDS accounts and federal 530A accounts—tax-advantaged children's investment accounts established under federal law. Micron Technology has pledged $250 million to help build children's savings, and an anonymous San Francisco donor has provided $3.5 million to create $500 deposits for every child born in the city in 2026. The Dell family has committed $250 contributions to 3.3 million eligible children across the state, representing over $800 million in total contributions.
The program aligns with California's adoption of a statewide personal finance curriculum guide that prepares students with practical money skills including banking, budgeting, credit, student loans, investing, and wealth-building tools. The course will be offered beginning in the 2027-28 school year, with completion required for graduation starting with the class of 2030-31.