School of Social Work News

Professor William Elliott is quoted in a New York Times article about the effects of Child Savings Accounts. New York City has announced a pilot program in which a savings account with $100 will be opened for every public school kindergartener. Elliott describes how even these small amounts can significantly increase a child’s likelihood of going to college, in part by offering students and parents a sense of both possibility and control. “They feel like they can change their destiny and their future,” he said.

Professor William Elliott’s opinion article in the Gotham Gazette argues that poor children and families need both poverty alleviation and child savings programs. Elliott writes, “I am arguing that the drive Americans have demonstrated throughout history comes from more than having enough money to pay the bills each week, it comes from the promise of a better future.”

Professor William Elliott’s essay is included in the new book “Future of Building Wealth: Brief Essays on the Best Ideas to Build Wealth - for Everyone” which was published by The Aspen Institute Financial Security Program in partnership with the Federal Reserve Bank of St. Louis. The book provides policymakers and financial leaders with the tools, resources and innovative ideas to pave the way for economic growth and prosperity for all American families.

Professor William Elliott spoke with WalletHub about college affordability and student loan debt. He calls for a new approach in how we think about the cost of higher education. “I want to frame the question more like, should students and their parents have to think mostly about the return on investment when picking a college? It leads to inequity,” said Elliott. “Kids who are forced to rely on debt must make decisions not based on their ability (what they have done in school and what they can do) or what is best in the long run for their career but on what they can afford. This is not an education system designed to be the great equalizer in society, instead, it is part of a system that places some people at the top and others at the bottom.

Professor William Elliott III spoke with MarketWatch about the role children's savings accounts can play in countering racial wealth inequality. "Education in itself will never reduce wealth inequality in America, it can be a part of it and it's really important, but if we're talking about inequality, you've got to have wealth and start off with assets," he said. "But unless the government, philanthropists and others provide a significant amount of money, the accounts won't narrow the gulf in wealth between Black and white and rich and poor households."

Professor William Elliott III spoke with the New York Times about how establishing college savings accounts early transforms expectations about the future and impacts savings. “A savings account for a low-income kid means a lot more to them than it does for a wealthy kid.”

Professor William Elliott III weighs in on the student debt debate with Morning Consult. The ballooning U.S. student debt is more than two times what Americans owed a decade ago, and borrowers are delaying life milestones like home buying. “It’s not just about getting a degree; it’s also about what position you’re in when you get that degree,” said Elliott.

Professor William Elliott’s research on child savings accounts is featured in the San Francisco Chronicle. “Children with a bank account designated for college, with $500 or less, were three to four times more likely to go to college than those without an account”, Elliott said.