Recognition Celebrates $1.15 Million in Total Grants to Establish The Early Wealth Partnership and Expand Wealth-Building Opportunities for 5.6 Million Californian Children
SAN FRANCISCO, CA – May 15, 2026 – The UCLA CalKIDS Institute named The BlackRock Foundation the “Philanthropic Champion” at the second annual California Early Wealth Account System (CEWAS) Summit last month. Hosted by the UCLA CalKIDS Institute alongside State Treasurer Fiona Ma, the summit convened leaders to share research, examine implementation lessons, and identify next steps in scaling paricipation in early wealth building accounts statewide.
This award recognized The BlackRock Foundation’s $1M grant made in October 2025 to establish and launch California’s Early Wealth Partnership with a goal of ensuring that California’s children who are furthest from opportunity can fully benefit from every early wealth-building account for which they are eligible: CalKIDS, local child savings programs, HOPE Child Trust Accounts and the federal 530A Trump Accounts.
CalKIDS is the largest auto-enrolled child savings account (CSA) program in the United States, with over 6 million opened accounts, and more than $2.2 billion invested in children’s futures. Each child is automatically given $100 at birth, and newborns and eligible public school students receive up to $1,500 to aid their college and career futures. Despite double digit growth in claimed accounts, millions still need to be activated. The Early Wealth Partnership exists to make sure more children and their families are aware of and access their early wealth-building accounts.
State Treasurer Fiona Ma, who chairs the ScholarShare Investment Board that administers CalKIDS, has set a goal of raising the activation rate to 25% by the end of 2026.
“CalKIDS is a first-of-its-kind program in the nation, and we are determined to make sure every eligible family knows about and can access their scholarship. Closing the activation gap is one of the most urgent equity challenges in California’s education landscape, and we cannot do it alone, said Fiona Ma, California State Treasurer and Chair of the ScholarShare Investment Board. “The BlackRock Foundation has shown what it looks like to be a true partner: they came in early, provided financial support for the research and coalition-building, then doubled down when the evidence showed it was working. That kind of committed strategic philanthropy is exactly what this moment requires.”
Research shows that students with even modest college savings are three times more likely to attend college and four times more likely to graduate1 and as BlackRock Chairman and CEO Larry Fink noted in his annual Chairman’s Letter, research has shown that early wealth-building accounts can make it more likely for someone to earn an advanced degree, start a business, and own a home. The BlackRock Foundation’s recognition as “Philanthropic Champion” reflects the broader principle operating at the heart of the program: that private capital and public investment, working together, can dramatically expand who has access to opportunity in America.
“The BlackRock Foundation made a catalytic investment in California’s children and families,” said Amanda Feinstein, Executive Director of the Early Wealth Partnership. “They first supported the strategic planning and coalition-building that brought government, nonprofit, research, and community leaders together around a shared vision for connecting children to every early wealth-building account for which they are eligible. Then they made the lead investment to help turn that vision into reality. Today, a Medi-Cal eligible baby born in Oakland could have a $500 Oakland Promise Brilliant Baby account, a $100 CalKIDS account, and a $1,000 Trump Account waiting for them. Our work is to build the outreach systems, partnerships, and tools that ensure families know these resources exist and are able to claim and use them to support their children’s futures.”
“The ‘Philanthropic Champion’ award reflects what The BlackRock Foundation has demonstrated - that transformative change requires real partnership. Their investment supported research that is helping more families become aware of this opportunity to build their children's financial futures. UCLA’s CalKIDS Institute exists to turn research into real-world impact, and The BlackRock Foundation has been an indispensable partner in making that possible for the families who need it most,” said Nayiri Nahabedian, Executive Director at the UCLA CalKIDS Institute.”
This initiative builds on BlackRock’s longstanding support of early wealth building programs and the firm’s belief in the power of capital markets to advance financial wellbeing. The BlackRock Foundation has supported nonprofits driving other early wealth building initiatives for families across the country, including with Pittsburgh Firefighters, NYC Kids Rise, and Invest America. BlackRock also announced last year that it would match the U.S. government’s $1,000 contribution for eligible U.S. employees’ Section 530A Accounts, also known as Trump Accounts.
“Child savings accounts are more than college funds. They are foundational tools for building long-term financial security and can help shift how families think about saving for the future,” said Claire Chamberlain, President of The BlackRock Foundation. “For California’s most vulnerable children, including low-income students, English learners, foster youth, and students experiencing homelessness, a CalKIDS account can be the first asset they have ever owned. We thank the CEWAS, UCLA CalKIDS Institute, and Treasurer Ma for this honor and recognition of our support for the future of California’s children.”
About The BlackRock Foundation
Guided by BlackRock’s purpose to help more and more people experience financial well-being, The BlackRock Foundation funds and partners with organizations that strengthen financial security by helping people earn, save and invest – earlier, more often and for their futures.
