Connecticut will become the first state to offer a “baby bonds” program, beginning July 1.
The CT Baby Bonds program will invest $3,200 for each child whose birth is covered by HUSKY. Those funds will grow over time ”“ but to access the funds as young adults, participants will need to complete a required financial literacy course.
An estimated $11,000 and $24,000 will be available to each participant, depending on when the funds are accessed, and the money can be used to either buy a home in Connecticut, launch or invest in a Connecticut business, pay for education or job training, or put it aside as savings for retirement.
“It”™s thrilling that this transformative program is about to see its first participants born this weekend,” said State Treasurer Erick Treasurer Russell. “Parents and caretakers do not need to take any action on behalf of their newborns. Eligibility is automatic and processes are being constructed to manage claims and support these children and their families now, and over the next 18-30 years, to ensure they”™re getting the most out of this incredible opportunity.”
Russell added the program “is an investment in the future of our state, leveling the playing field for thousands of children who will be born into poverty and giving them a fair shot at economic success. I can”™t wait to see the amazing things these kids will accomplish.”
