Join The Midas Collaborative, United Way of Massachusetts Bay and Prosperity Now on January 29, 2024 starting at 11:00 a.m. for a Day of Action at the Massachusetts State House to lift up policies that support asset development and financial security for low-income Massachusetts families. 

Wealth inequality persists across the country and, without direct policy intervention, the wealth gap will continue to widen. A 2015 Federal Reserve study found in the greater Boston area alone, the median net worth for white households was nearly $250,000, and for Black households, it was just $8. That’s where Baby Bonds and matched savings come in. 

Sponsored by Sen. Paul Feeney and Rep. Andy Vargas, Senate Bill 1999 and House Bill 1157 would create a Massachusetts Baby Bonds Trust Fund providing every child born in Massachusetts with a significant financial investment in a government-owned account. As adults, participants would use the funds to begin building economic security and wealth through purchasing a home, starting a small business or paying for postsecondary education.

Sponsored by Sen. Jamie Eldridge and Rep. Carmine Gentile, Senate Bill 628 and House Bill 1023 would create a state sponsored Matched Savings Program. Matched Savings, also known as Individual Development Accounts (IDAs) is a type of asset-development program. Participants in the program can save up to $20,000 with a 4:1 match. Matched Savings empowers participants to be financially independent and make their own decisions. You can learn more about Matched Savings at www.matchedsavings.org.

Join us to learn more about Baby Bonds and matched savings and how you can help build support in the Massachusetts legislature.

Event speakers will be announced soon.