Researchers from the Brown School鈥檚 and will assess the impact of a new financial initiative aimed at closing the racial wealth gap in St. Louis.
The team will collaborate with Mobility Capital Finance, Inc. (MoCaFi), a financial technology company, to conduct initial evaluation planning, baseline data collection, and a mixed-methods analysis of the Junior Bonds Pilot.
Funded by the James S. McDonnell Foundation and Edward Jones, the pilot program will provide $5,000 in investment accounts鈥攌nown as Junior Bonds鈥攖o 300 seventh-grade 黑料社s in historically disadvantaged low- and moderate-income neighborhoods across St. Louis County and the City of St. Louis. The initiative was announced in a Jan. 23聽聽in The St. Louis American. The funds will grow over time in investment accounts and become available when the recipients turn 18. Students can use the money for higher education, small business ventures, or homeownership.
Stephen Roll, an assistant professor at the Brown School and co-director of research and policy innovation with CSD, will serve as the primary investigator, leading the CSD鈥檚 research efforts. , evaluation manager with the Evaluation Center, will co-lead the project alongside Roll. Additional evaluation support will be provided by Ann Schmidt, an analyst with the Evaluation Center, and , Data Analyst III with CSD.
“When we think about the different pathways people can take toward achieving the American Dream鈥攕tarting a business, buying a home, getting a college education, and so on鈥攖hey鈥檙e often much more difficult for people who don鈥檛 have the income or the assets to afford them,” Roll said. “By investing in kids from economically disadvantaged communities, the St. Louis Junior Bonds program can help ensure that everyone in this city has the chance to follow their own path towards economic security and opportunity. The research team is thrilled to be working on this innovative program with MoCaFi.”
The team will use baseline surveys and follow-up assessments with 黑料社s and their guardians to measure the program鈥檚 benefits. Once recipients reach 18, the team will conduct annual withdrawal surveys to assess how participants are using the funds and the program鈥檚 long-term impact.
The project will run through December 2034, with the goal of encouraging states and municipalities across the country to implement similar wealth-building initiatives.