Brown School researchers to evaluate wealth-building pilot program in St. Louis

Researchers from the Brown School’s Evaluation Center and Center for Social Development (CSD) 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—known as Junior Bonds—to 300 seventh-grade students 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 op-ed 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’s research efforts. Rachel Barth, 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 Guangli Zhang, Data Analyst III with CSD.

“When we think about the different pathways people can take toward achieving the American Dream—starting a business, buying a home, getting a college education, and so on—they’re often much more difficult for people who don’t 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 students and their guardians to measure the program’s benefits. Once recipients reach 18, the team will conduct annual withdrawal surveys to assess how participants are using the funds and the program’s 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.