HARTFORD, Conn — Thousands of children across the state are set to benefit from the Connecticut Baby Bonds program, according to Gov. Ned Lamont and Treasurer Erick Russell.
Around 7,810 children have been born automatically eligible for the program since its inception on July 1, 2023.
Connecticut is the first state in the nation to fund and implement a baby bonds program, which is aimed at building a brighter future for children born into poverty.
Children whose birth is covered by the state’s Medicaid program, HUSKY, are automatically enrolled in the program and have $3,200 invested on their behalf.
The investments are managed by the Office of the Treasurer and will grow over time. The money can be used when the participant is between the ages of 18 and 30 to help build individual wealth. Investments can include purchasing a home in Connecticut, starting or investing in a Connecticut business, paying for education or job training, and saving for retirement.
“In just six months, the first-in-the-nation Connecticut Baby Bonds program has put more than 7,000 working families on a pathway to the middle class and is transforming the future of our state,” said Lamont in a statement. “This gives our young people startup capital for their lives and ultimately will help break the cycle of intergenerational poverty for thousands of families. These funds aren’t just an investment, they’re a symbol of hope and a promise that everyone can make it right here in Connecticut.”
The Connecticut Department of Social Services estimates that around 15,000 babies will be eligible annually.
Parents of eligible newborns do not need to take any action to enroll or apply.
Municipalities with the highest number of participants:
- Bridgeport, 798
- Hartford, 621
- Waterbury, 615
- New Haven, 560
- Stamford, 376
“It’s thrilling to see thousands of new residents born with access to resources that will help them shape their own future here in Connecticut,” said Treasurer Russell in a statement. “Connecticut Baby Bonds invests directly in people, creating new economic opportunities for families in every city and town. The result will be tens of thousands of new potential homebuyers, skilled workers, and inventive entrepreneurs. My office has been hard at work building the program’s infrastructure and collaborating with stakeholders to maximize its impact. I look forward to continued outreach and support to prepare these kids and their parents for the exciting future that awaits.”
In 2021, Connecticut became the first state to pass baby bonds legislation and funding was secured in 2023.
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