A new report from BlackRock shows significant support for a tax-advantaged savings accounts geared towards U.S. children.
BlackRock’s newest research finds that 71% of registered U.S. voters surveyed say they support the creation of a Child Savings Account, including 81% of Republicans, 72% of Independent voters, and 61% of Democrats.
Across generations, groups also showed support for investment accounts that spearhead savings for children, with 79% of Generation Zers, 73% of Millennials, 71% of Gen Xers, and 69% of Baby Boomers all backing the initiative.
BlackRock’s report also found that 65% of voters would advocate for policy efforts that “expand retirement plan investment options to include private market assets like real estate, infrastructure projects such as energy, transportation, and data centers, and in private companies that do not trade on a public stock exchange.”
Respondents in the research voiced desires to invest in options available in other workplace retirement plans. Nearly two-thirds (64%) believe that all retirement plans should have access to the same investment options, no matter if they are provided through for-profit companies, non-profit companies, or state and local governments.
Of the voters who showed support for expanding retirement plan investment options, 65% are Republicans, 66% registered as Independents, and 62% are Democrats.
The findings happen as workers today struggle with saving for the short- and long-term. BlackRock’s research found that 30% of voters have no retirement savings, with Gen Zers, rural voters, women, and low- and middle-income voters, among those with the least amount of savings.
Further, 63% of voters say they have less than $150,000 saved for retirement (not including the current value of their home), and 34% admit they would struggle to pay for a $500 emergency bill. Paying for an unexpected cost was more dire for women, at 38%, compared to men at 28%.