HARRISBURG, PA — U.S. Sen. Bob Casey of Pennsylvania is sponsoring the 401Kids Savings Act which aims to create savings accounts for every child in America.

The accounts would be used for post-secondary education, training, small businesses, first homes, or retirement security. They would be built on state 529 college savings platforms and managed by state treasurers.

Casey said outside analysis shows that for every dollar invested in 401Kids, society would receive at least $2.61 in benefits.

“For parents who are kept up at night worrying about how they’re going to pay their bills and keep a roof over their heads, it’s hard to imagine putting money away for their kid’s future,” said Casey in a statement.

“By providing children’s savings accounts to every kid in this country, 401Kids is a commonsense way to give working families a little bit of cushion to take risks and pursue opportunities to create generational wealth for generations to come,” he said.