Hawaiʻi Gov. Josh Green announced July 3 that the Aloha State will be the first in the nation to ensure every eligible foster child — from newborn through 17 years old — has a funded, tax-advantaged savings and investment account.
The state eliminated a gap in support through partnerships with Michael & Susan Dell Foundation and Ed Freedman’s Stable Road Foundation.
“Our responsibility is to give every child the opportunity to succeed, especially those who depend on the state for care,” said Green in a state release. “By ensuring every eligible foster child has a funded investment account, we are giving these young people a stronger foundation as they enter adulthood.”
Hawaiʻi’s efforts respond to the national “Fostering the Future” initiative, which established the federal Section 530A savings account program giving children in foster care a dedicated savings and investment account they can access beginning at age 18 years old.
All eligible foster children in the islands will now receive an account and seed funding through a combination of federal and philanthropic support:
- The federal government provides a $1,000 seed contribution for children born between 2025 and 2028. Michael & Susan Dell Foundation provides $250 for foster children age 10 years old and younger, born before 2025.
- Ed Freedman’s Stable Road Foundation funds every eligible foster child ages 11 through 17 years old — the one age group no one else is covering — with a $250 contribution per child.
“Every child in Hawaiʻi deserves a chance to reach their fullest potential and no keiki should be left behind, regardless of their circumstances,” said Stable Road Foundation founder Ed Freedman in the state release. “We’re proud to partner with Gov. Green and Invest America to make Hawaiʻi the first state in the country where every foster child, at every age, starts with a funded account — and we’re calling on leaders across the state and the nation to do the same.”
Hawaiʻi’s commitment demonstrates how states and private philanthropy can work together to expand economic opportunity for children in foster care.
The state is creating a financial foundation that can provide eligible foster children with support for education, homeownership, entrepreneurship and other investments in adulthood.
Section 530A accounts are backed by U.S. Treasury and available to eligible U.S. children with a Social Security number.
The accounts can be accessed after a child reaches the age of 18 years old, allowing investments to grow with time.
“Today’s announcement … is a watershed moment for foster children across Hawaiʻi,” said Invest America Executive Director Matt Lira in the state release. “One of the most important legacies we can leave the next generation is expanded hope and opportunity — and a real stake in the upside of the American economy delivers both.”
