MyMoney Resources - Youth

Learn tips and strategies on how to make more informed financial decisions around managing money, saving and paying for higher education, and repaying student loan debt.

No need to be a money expert—the tips and activities here can help your children’s money skills, habits, and attitudes grow.

We explain the ins and outs of student financial aid and repaying loans to help you make smarter decisions about how to pay for school.

A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. 529 plans, legally known as “qualified tuition plans,” are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code. There are two types of 529 plans: prepaid tuition plans and education savings plans. All fifty states and the District of Columbia sponsor at least one type of 529 plan. In addition, a group of private colleges and universities sponsor a prepaid tuition plan.

 

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

Generally, the ABLE Act permits a state to establish and maintain a new type of tax-advantaged savings program (under Section 529A of the Internal Revenue Code). Contributions may be made to a 529A account established for a designated beneficiary to pay for qualified disability expenses.

The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to educate investors about ABLE accounts. An Achieving a Better Life Experience (ABLE) account provides a tax-advantaged method to save for disability-related expenses. Contributions are not tax deductible for federal income tax purposes, but your investments can grow tax free and remain so when withdrawn and used for disability-related expenses. Similar to 529 college-savings plans, ABLE programs are administered by the states. Many states have established ABLE programs and you may have the option to choose your own state’s plan.

An Achieving a Better Life Experience (ABLE) account is a type of tax-advantaged savings account that an eligible individual can use to pay for qualified disability expenses. The eligible individual is the owner and designated beneficiary of the ABLE account. An eligible individual may establish an ABLE account provided that the individual is blind or disabled by a condition that began before the individual’s 26th birthday.

This directory provides information on financial literacy resources, issues and events that are important to bankers, organizations, and consumers of all ages. The directory includes descriptions and contact information for a sampling of organizations that have undertaken financial literacy initiatives as a primary mission, government programs, fact sheets, newsletters, conference materials, publications, and links to Web sites.

We’re here to support the teachers, administrators, and community leaders who help students build financial knowledge, skills, and habits. The tools and resources listed here show recommended policies and practices for K–12 financial education.