Keystone Corner Newsletter - October 2024

Keystone Scholars Fast Facts:

Total accounts: 703,225
Percentage of babies with accounts: 100%
Total accounts claimed: 74,895
Percentage of registered accounts with linked PA 529: 28.64%
Cumulative contributions of accounts with linked PA 529: $109,852,823
Data as of September 30, 2024

Top claim rate counties

Empowering Families to Save for their Child’s Future

Keystone Scholars has made a notable impact among Low-to-Moderate Income (LMI) families. Nearly 6.5% of LMI families have claimed their child’s Keystone Scholars account, and over 7.5% have taken the important step of opening their own PA 529 College and Career Savings Program account. Families are saving in their accounts as well – with an average of six deposits in the fiscal year and an average account balance of more than $2,900. These figures highlight Keystone Scholars’ reach and effectiveness in supporting families across all income levels.



Partner Spotlight

WORC Logo

Treasury recently partnered with Women’s Opportunities Resource Center (WORC) based out of Philadelphia to pilot a savings match program for families. The WORC-Children’s Savings Match Program encourages families to claim their child’s Keystone Scholars account and open a PA 529 College and Career Savings Program account to start saving. Parents are also required to take money management classes and attend a money management workshop. After six months, WORC will match a family’s savings up to $100. That’s $300 saved toward their child’s post-high school training and education with the hopes that families will continue to save on their own.



CSAs in the News

Treasury staff convened with leading experts in the Children's Savings Account (CSA) field in Washington, D.C.

Experts convene to advance CSA Strategies

In September, Treasury staff convened with leading experts in the Children's Savings Account (CSA) field in Washington, D.C. to explore evidence-based strategies, examine emerging theories, and exchange best practices on the development of CSA state policy and the effective management of established programs. Deputy Treasurer for Consumer Programs, Julie Peachey, spoke on the Children’s Savings Accounts State Policy Landscape.

How to make the most of college savings plans

Saving for a child’s future can feel overwhelming, but parents can maximize their investment to make post-high school education more attainable. Children’s Savings Accounts which often provide an initial seed deposit are a great start. This article offers valuable tips on how to make the most of college savings plans, including practical advice for navigating 529 accounts. Whether you’re just getting started or reviewing your savings approach, this guide is a great starting point for parents planning for their child’s education. Read the full article here.



Our Outreach Team is Growing!


Jimmy Zumba

Jimmy Zumba has joined the PA Treasury as a Community Engagement Manager. He is a committed community leader and passionate about the betterment of Latinos and the entire community in general. He is the founding president of Latinos ARE, a nonprofit that prepares and educates our next generation of Latino leaders about the state policymaking process while learning by doing at the three branches of state government.

Mr. Zumba has a diverse education and professional background. He has experience in public and private sectors in the U.S. and Latin America, ranging from scientific research to finance, product development, and policymaking.

Mr. Zumba completed graduate programs at both Louisiana State University and Lehigh University. He earned his undergraduate degree from Zamorano University.




Partner with PA Treasury’s Outreach Team to Grow Keystone Scholars Awareness in Your Community

Jimmy and PA Treasury’s outreach team are ready to collaborate with you at local events and gatherings. Whether you're hosting a community fair, educational event, or civic meeting, we're available to provide resources and support. Together, we can help build brighter futures by raising awareness about the free $100 starter deposit and the importance of saving for education.

Would you like to schedule a collaboration or request materials for an event? Reach out to Karen McDermott, Manager, Children’s Savings Accounts at kmcdermott@patreasury.gov today!

Keystone Scholars Partner Resources

Our website has partner resources and supplies, such as print, video, PowerPoint slides and e-resources, or you can contact us for in-person and virtual presentations. Let us help the kids in your community start their savings journey!

View Resources