News release
The Los Angeles County Board of Supervisors has approved a motion authored by Supervisor Kathryn Barger to help current foster youth access newly established federally backed “Fostering the Future Accounts,” a first-of-its-kind investment program designed to build long-term financial security for eligible children, according to a news release from Barger’s office.
“Foster youth deserve the chance to benefit from every financial resource available to help them succeed,” Barger, whose district includes the Santa Clarita Valley, said in the release. “These new investment accounts have the potential to change lives, but only if eligible young people, their foster families, and social workers know they exist and receive the support needed to access them. We have a responsibility to ensure foster youth don’t miss opportunities that can help them pursue build savings and achieve greater financial independence.”
The new federal program establishes tax-advantaged investment accounts for eligible U.S. citizen children born between Jan. 1, 2025, and Dec. 31, 2028, including eligible foster youth.
Each qualifying child receives an initial $1,000 federal contribution that, based on historical market performance, could grow to approximately $6,000 by age 18. Once they reach adulthood, the funds may be used for qualified expenses such as higher education, purchasing a first home, or retirement savings.
