Key Points
- California Treasurer Fiona Ma shares how ScholarShare 529, CalKIDS, and CalABLE help families build long-term savings.
- CalABLE Executive Director Thomas Martin explains how disability savings can support education, independence, and financial stability.
- Treasurer Ma shares with The College Investor her goals to push for a tax deduction or tax credit for 529 plan contributions.
California offers several powerful programs that help families save for education, support people with disabilities, and build financial stability — but a large share of residents don’t know they exist.
In this episode, Robert Farrington sits down with California State Treasurer Fiona Ma and CalABLE Executive Director Thomas Martin to unpack how ScholarShare 529, CalKIDS, and CalABLE work, who they’re designed to help, and why participation matters.
Treasurer Ma talks about her path from CPA to Treasurer, the financial habits that shaped her career, and the work her team is doing to make these programs easier to access. She also offers insight into ongoing efforts to introduce tax incentives for 529 contributions and explains why small, consistent saving can create real change for a child’s future.
Thomas Martin joins the discussion to explain how ABLE plans gives people with disabilities the chance to save and invest without losing important benefits, and how families can use both CalABLE and ScholarShare together.
This conversation offers clear takeaways for parents, students, and anyone curios on the future of education savings in California.
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Episode Summary
Robert speaks with California Treasurer Fiona Ma and CalABLE Executive Director Thomas Martin about college savings, disability savings, and financial empowerment programs available to families statewide. The conversation explores:
- ScholarShare 529
- CalKIDS
- CalABLE
- How the state supports early saving
- Policy changes on the horizon
- The psychology of saving from birth
- Ways families can advocate for better tax treatment
- How CalABLE fits into planning for people with disabilities
- Tips and insights from the Treasurer’s own financial habits
Key Moments And Topics Covered
Looking for a specific moment?
3:20 - How Treasurer Ma got started
5:18 - What does a State Treasurer do? How does she manage $3 trillion flowing through her office?
7:35 - How families can save for education. Understanding Scholarshare 529, CalKids, and free money available to California families.
11:50 - New Savings Programs: CalSavers
13:57 - Thomas Martin, Executive Direct of CalABLE, joins to discuss ABLE plans
16:50 - The benefits and logistics of using an ABLE plan
20:00 - The rules of ABLE plans
25:05 - Is a 529 plan still worth it? How Treasurer Ma encourages 529 plan gifting.
28:47 - What's the potential for California to offer a state tax deduction for 529 plan contributions?
30:57 - Why doesn't California align with Federal 529 plan qualified expense rules?
34:35 - California HOPE accounts coming in Q1 2026
37:28 - What advice would you give to high school students starting their financial journey?
39:25 - What's your favorite money hack?
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Editor: Tyler Boss
Robert Farrington is the founder of The College Investor and is widely recognized as one of the nation’s leading voices on student loan debt and saving for college. He holds an MBA from UC San Diego Rady School of Management and has spent over 15 years researching, writing, and advising on student loans, 529 plans, financial aid programs, and saving and investing for young professionals.
Robert has been featured in the The New York Times, The Wall Street Journal, The Washington Post, NBC News, and Forbes, where he has been a regular personal finance contributor for over a decade. His work combines both professional expertise and personal experience – he successfully navigated his own student loan repayment journey and has helped thousands of readers do the same.
He is committed to making the intersection of personal finance and education transparent and accessible. You can learn more about Robert on the About Page or on his personal site RobertFarrington.com.