California Treasurer Fiona Ma: Five Savings Programs Serve Over 1.5 Million Residents, $21.3 Billion in Assets, Up 49% in Two Years
Sacramento — The California State Treasurer's Office on October 12 reported progress on its Financial Security For All initiative: the five savings programs expanded under Treasurer Fiona Ma — CalKIDS scholarship accounts, the ScholarShare 529 college savings plan, the CalSavers retirement savings program, CalABLE accounts for people with disabilities and the California HOPE for Children Trust Account Program — together serve more than 1.5 million Californians and represent more than $21.3 billion in assets and investments, with the portfolio growing 49% in two years. The office noted that for residents who may face language, information or other barriers, community and in-language media can play an important role in connecting families with programs they may not know are available.
CalKIDS provides scholarship accounts to California newborns and eligible low-income public school students for education or career training after high school. Launched in 2022 under Ma and administered by the ScholarShare Investment Board, CalKIDS is the nation's largest statewide child development account program, reaching nearly 6 million children and students; in 2026, its 1 millionth scholarship account was claimed. Eligible children are automatically awarded accounts, so families do not need to apply for the scholarship itself; parents and guardians can check eligibility and claim and manage accounts at CalKIDS.org, and can build on the scholarships through ScholarShare 529, California's official college savings plan.
CalSavers gives workers whose employers do not sponsor a retirement plan a way to save directly from their paychecks, with employees able to manage their savings, contribution rate and investment choices. CalABLE helps eligible people with disabilities save and invest while protecting access to certain public benefits; more than 20,000 CalABLE accounts held $278.6 million as of May, and its enrollment portal is available in 20 languages. The HOPE program provides $3,000 trust accounts to eligible foster youth and children who lost a parent or qualifying caregiver to COVID-19.
The Treasurer's Office also supports affordable housing through the California Debt Limit Allocation Committee and the California Tax Credit Allocation Committee, which help finance affordable rental housing through tax-exempt bonds and state and federal tax credits. Through the California Educational Facilities Authority, the office administers the College Access Tax Credit Fund, which supports grants of up to $5,000 for community college students transferring to participating Historically Black Colleges and Universities, with contributors eligible for a state tax credit equal to 50% of their contribution. The Capital Programs & Climate Financing Authority helps small-business owners access financing through participating lenders, and the California Alternative Energy and Advanced Transportation Financing Authority's GoGreen programs help homeowners, renters and small businesses finance energy-efficient improvements.
"California is home to communities with different languages, cultures and financial experiences, and I know firsthand the hopes families bring with them when they work to build a better future," Ma said. "As the oldest child of immigrants, I grew up watching my parents work hard to build a life in this country. That experience has shaped my belief that every Californian should have access to the information, tools and opportunities that can help them build financial security for themselves and their families." She added: "Programs only make a difference when people know they exist and understand how they can benefit. We want Californians in every community to know the Treasurer's Office is a resource for them, their families and their futures."
Ma is California's 34th State Treasurer, having taken office in January 2019; she is the first woman of color and the first woman Certified Public Accountant elected to the position. The State Treasurer serves as the state's banker and is agent of sale for all state bonds and trustee of billions of dollars of state indebtedness; the office processes more than $3 trillion in banking transactions annually and manages a $150 billion investment portfolio. Details of the office's programs are at treasurer.ca.gov.
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State Treasurer Fiona Ma Announces Sale of $1.7 Billion of General Obligation Bonds
Published by GSM · USA (original Chinese edition)
Photo: 图：加州财务长马世云官方肖像。加州财务长办公室发布、供新闻媒体与公众使用，来源：treasurer.ca.gov
