By Jordan Holden | October 2025

Why Baby Bonds are Personal to Us

The CASH Campaign of Maryland spent the last few years working closely with young parents in Baltimore through the Baltimore Young Families Success Fund (BYFSF), Baltimore’s first guaranteed income (GI) pilot program. Day after day, our team sat with families as they talked about what it meant to finally have some financial breathing room. The program allowed some families to catch up on bills or move into their first home. For other participants, it covered the cost of childcare so they could fulfill their dream of going back to school. The thing that stood out most? How participants changed the way they planned for their futures when they weren’t constantly in survival mode.

These conversations with participants made it clear to us: While monthly cash provides immediate stability and relief, wealth-building creates financial freedom later in life. That’s why Baby Bonds are personal to us. We’ve watched what happens when young parents finally get the chance to dream and plan for the future. Baby Bonds could make sure their children start adulthood with the capital they need to succeed.

A More Equitable Starting Point

We know that access to wealth, or the lack thereof, shapes education, housing, and health outcomes. Baby Bonds offer a way to give every child a fairer starting point by creating publicly funded trust accounts at birth that grow until adulthood. When young people turn 18, they can use those funds to pay for school, buy a home, or start a business, empowering them to invest in their future.

This isn’t about luck or charity. It’s about designing a system where every child has access to capital and where children from families with less wealth have an equal opportunity to build generational wealth. That’s the future we want to help build here in Maryland.

How Baby Bonds Fit with CASH’s Work

At the CASH Campaign of Maryland, we work every day to promote economic advancement for low- to moderate-income families through free tax preparation, benefits screening, financial education, and policy advocacy. We see firsthand where existing systems fall short. Our work on guaranteed income through Baltimore’s pilot program gave us a close look at how direct cash can create stability and dignity. Over two years, 200 young parents received $1,000 a month with no strings attached. Consistent support allowed families to stabilize their finances, invest in themselves, and plan for the future.

One participant, Miel, purchased her first home during the program. “It was a cushion and gave me some breathing room… It’s because of this program that my children will be safe and they’ll always have a home to go to,” she shared. Miel’s story demonstrates how financial support can lay the groundwork for lasting security and generational wealth.

Baby Bonds build on the idea of direct cash, but with a more long-term outlook. GI helps families meet immediate needs, while Baby Bonds ensure that the next generation starts adulthood with financial assets. Together, they create a pathway where stability today leads to wealth and opportunity tomorrow.

Maryland is already moving in this direction. In 2024, the General Assembly introduced HB 753 to launch a Baby Bonds feasibility study. This is a pivotal moment to consider how to design a program that reflects the realities of Maryland families and centers on racial equity from the start.

The Problems We Hope Baby Bonds Will Tackle

For young Marylanders, Baby Bonds can be more than a policy tool. They can be a turning point, and we would like to see Baby Bonds address:

• The lack of generational wealth that keeps young people locked out of opportunities.
• The racial wealth divide that continues to shape life outcomes in Maryland.
• The gap between surviving and thriving that so many families face when they are no longer eligible for safety nets and try to build independent lives.

We believe Baby Bonds can shift the narrative for young people in Maryland by allowing them to step into adulthood with capital and the ability to chart their own financial course.

Looking Ahead

CASH will keep showing up to help design a Baby Bonds program that is bold, equitable, and grounded in real community needs. We’ll bring what we’ve learned from our GI work, our policy advocacy, and the families we serve every day. 

For us, this work isn’t abstract. It’s about the families we know, the communities we care about, and the future we believe is possible for Maryland’s children.