Gov. Ned Lamont and Treasurer Erick Russell announced that 7,810 children across Connecticut have been born automatically eligible for the landmark Connecticut Baby Bonds program since it launched on July 1, 2023.
In this program, children whose birth is covered by HUSKY, the state’s Medicaid program, are automatically enrolled in the program and are having $3,200 invested on their behalf. Those investments, which are managed by the Office of the Treasurer, are designed to grow over time and can be used when the participant is between the ages of 18 and 30 for specific wealth-building purposes, including paying for an education, purchasing a home in Connecticut, starting a local business or saving for retirement.
Connecticut is the first state to offer this type of a program, and the governor’s office estimated about 15,000 babies will be eligible annually to receive state funds.
“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,” Lamont said. “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.”
“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,” Russell said. “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.”
