 So, this is a really good lead-in for what I want to talk about because what my article in the monthly looks at is what a new generation of researchers in social psychology, behavioral economics are looking at. People who are in their 20s and 30s and early 40s now in terms of what role education plays in this. And there's two ways that education is really important when we talk about assets. First, we want to help people save so that they can get an education. And I'm going to talk about college today, but I don't mean a four-year liberal arts degree exclusively. I mean, two-year degrees, four-year degrees, occupational certificates, basically what President Obama has asked people to aspire to, which is some sort of post-high school credential, which is what's really important and crucial right now in terms of being in the economic mainstream, having the chance to put away that 4% that Phil was talking about so that you can have that payoff later on in retirement and hopefully work toward a better future for your own children. So I was looking particularly at the work of a guy named Willie Elliott. And he grew up really poor. His father and mother were both in and out of jobs all the time. They struggled with homelessness. And he actually dropped out of high school. He was quite talented, a sports player, and academically had talents that were identified. But he didn't have a lot of good advice, and he decided that he had a born-again conversion in high school. He dropped out of school and decided he was going to pursue his dream sort of off the beaten path. He was a little bit naive about what it took to be successful out in the world. He eventually did go to college, and then he realized that he hadn't studied anything that would lead to a job, and he hadn't done internships, and he hadn't done all these other things that upper middle class kids do. And his parents said, oh, we have jobs right now. We can help you go to law school. But then his parents lost their jobs in their home again, and he ended up joining the military. And it ended up taking him a really long time to get on track. So when he ended up becoming a social worker and then getting a PhD, and he worked with Michael Sheridan, who Mark Schmidt was talking about earlier, sort of the originator of the asset-building concept. He wanted to ask this question of how can you help kids get on track earlier in the process at a younger age? And it really turns out that savings accounts can be a really powerful lever. When we talk about savings, college saving accounts that either parents open for their kids, or that a program can open for a kid, or even that a kid can open for him or herself, it's important to realize that we're talking about relatively small amounts of money. So a savings account for a student has only $401 in it, which is really small when you think about the staggering, staggering cost of a year of college. I mean, even a community college would be several thousand dollars a year, all the costs associated with it. So how can $401 that's in an account help a child achieve their educational goals? And the answer to that is sort of, there's two ways to think about it. The way that Willie Elliott, the researcher who I was just talking about, terms it is that it creates a virtuous circle. And then there's another phrase I really like that's coined by the social psychologist Daphna Oysterman, called Bringing the Future Closer. When you grow up in a college-educated family, you're constantly being asked to project forward. And just the act of having the savings account and having it seated with a small amount of money can help kids who grow up, perhaps in families where they don't hear as much about that. It can help bring the future nearer to them in a way that is really powerful. I'm going to come back to this idea because it's important that when we give kids these savings accounts, we also combine that with financial literacy. Because if you give a kid a savings account seated with $50 or $100, which is what a lot of these programs are doing, and then you tell them college can cost as much as $40,000 a year, there's a danger there, right? Once they realize the mismatch between their small savings account and the cost, that they're going to end up a little bit scared and I'll talk a little bit about some kids who've told researchers what that's like and what researchers have found is a great way to combine financial literacy education with that to counteract that. So just to give you a few more statistics about this, 79% of American kids expect that they will attend four-year college. And there's a huge expectation gap, interestingly, when I was talking to the researchers about the same number of kids in sub-Saharan Africa now also believe that they will attend a four-year college. So this message of college going as your pathway to economic success is an international phenomenon and it's just huge. And I think as a society, we just need to do a lot more in terms of thinking like, how are we actually helping children achieve this goal? Because if you send a message to somebody that this is what they're expected to do and then you don't provide a pathway there, it's a very, very frustrating and discouraging thing which I think can lead to a lot of the cynicism that is out there, especially with the recession. But 55% of kids without savings accounts end up actually enrolling in college, so just about half, compared to 80% with accounts. And this is true if you hold parents like family income level constant. In fact, the accounts are greater predictive college success when you are poor. So if your family earns $50,000 or less annually and you have an account, you're three times more likely to attend college and be on track to graduate than a similar kid who doesn't have an account. So three times more likely, so that's a pretty powerful indication. Just to tell you a little bit about some of the students I talked to who are participating in these programs and what their experiences have been like. The one young woman I spoke to is Marcia Jackson, she's 23 years old. She grew up, she's a twin. She and her twin sister were raised by their dad. He was always unemployed. He was addicted to drugs and he was violent toward them. And her twin sister was sort of, she and her twin were kind of just dealing with this and she decided one day after a fight that she couldn't deal with this anymore and she ran away. And she was put into child protective services in New York City. And she lived out the rest of her high school experience in a group home in Westchester County and she actually did make it to a four year college. She made it to a place called Hilbert College, which is outside of Buffalo. And this is one of those four year private schools where a lot of kids just drop out and assume a lot of student debt and they don't finish and that is in fact what happened to her. She had gotten to some credit card debt. She had never had any sort of financial literacy training in terms of how to make this leap from growing up very poor to being at college. So eventually she ended up back in New York City and she became part of a program called Youth Financial Empowerment. And this is one of these matching savings accounts programs. So for every $1, she saved up to $1,000. She got $2 back as part of this Bloomberg program. So you could save up to $3,000. And it's not a lot of money, but she was quite successful at saving. And this was combined with financial literacy training. So for example, for youth that are aging out of foster care in New York City, there's special housing available that's very inexpensive, that's particularly targeted toward them. And when I talked to Marcia what I thought was really interesting is that she said, most of her peers who are living in this special housing, they feel like the best thing to do when they get savings is to get out of that housing because it's not that nice. And they would rather live in a regular apartment and they see that as a big marker of achievement. But she learned what a great deal that she was getting in terms of how low the cost this housing was and that investing in her educational future would be a smarter way to spend her savings. And this is something that would not have occurred to her because all the messaging in her peer group was that you want to get out of this sub-par housing, which is completely understandable in the short term. She didn't love living there. But it's really important that she participate in this program because what she ended up doing with the money is she bought a MacBook computer and a digital SLR camera because she's really passionate about graphic design and that's what she wants to do. And she found that when she was enrolled in her community college graphic design courses, she couldn't actually compete and work at the same level as the kids who had parents who were buying them those sorts of tools. So this, it's giving her a more positive feeling about what she's doing in school and it's just helping her step forward. And so her new plan is to transfer to a four year college and continuing studying graphic design and we'll see what happens to Marsha. But I think that she's made a bunch of good decisions over the past two years in her life that she's participated in this. And I think it's the combination of the financial education that she's getting and the savings itself. I think if you had either one without the other, it wouldn't be as powerful of an effect. So yeah, another organization that's done this is the Kip Charter School Network. They partnered with the City Foundation, affiliated with City Corp, to provide kids with these sorts of savings accounts. And I spoke to one young man here in DC who's a high school junior who is one of seven siblings and he's in a Kip school. And he got $100 in his account from Citibank and his parents were not able to put any extra money. But again, he's embedded in an educational environment where he gets the message constantly about college and he has the savings account. So as a result of all these factors going on in his life, he does a lot of research on scholarships and financial aid and all of this. So that's really, really powerful. When the Sheradans did research with kids as young as eight years old in Missouri who are participating in I Can Save, which is a savings account program, some of these fourth graders were saying that they were scared that they couldn't save enough. So that's why we know it's really important to combine the education because the cost of colleges is staggering and kids need to know about financial aid scholarships and all the options available to pay for it. Having the account actually can inspire them to learn more about that. So that's that piece and happy to answer questions about that.