By Adam Jones | November 2025

My father, Rev. Dr. Ernest H. Jones, was a pillar of his community. He was a minister and, for most of my childhood, the pastor of a multiethnic Baptist congregation in Brooklyn, New York. As is true for many people in my father’s position, he was a lot of things to a lot of people: teacher, mentor, community organizer, counselor, and, of course, devoted husband and father. Although his contributions to our community were significant, the financial gain from his work did not reflect its value. My father never made more than $40,000 a year, which created a challenging financial situation while raising a family in New York City, even though my mother worked full-time, too. 

One advantage my father did have was the ability to save money for retirement throughout his career. There wasn’t always much extra to put aside, but still, my father saved faithfully—and his ability to do so was more important for our family than he imagined. 

At 56 years old, my father died of pancreatic cancer, 15 months after receiving his initial diagnosis. Nothing about my father’s death was easy for our family, but having access to his retirement savings, which had accrued over a 30-year career, took a huge burden off my mother. Rather than rushing back into her life in the midst of grief, my mother was able to take the time to reset and reorganize her life without significant financial pressure. She was able to take her time moving out of their home, moving closer to her family, and going back to work when she knew she was ready.

Simply put, wealth gives us choices. The choice to pursue our dream career. The choice to start a family whenever and wherever we decide. The choice to grieve a major loss without the fear of taking a financial hit, which could exacerbate our suffering. 

I now live in Massachusetts, home to both great wealth and great inequality. Just over 20% percent of households in Massachusetts earn more than $200,000 per year, while another 27% survive on less than $50,000 per year. While many families in Massachusetts have access to resources that enable endless opportunities, thousands of families live on or just above the edge of financial hardship, with no relief in sight. This hardship is often intergenerational. 

A Baby Bonds program like the one proposed in the Massachusetts legislature would disrupt the cycle of poverty and give children from under-resourced families decision-making power over their lives and financial futures. Under these proposals, infants whose families receive Transitional Assistance for Families with Dependent Children and infants in foster care would be automatically enrolled in a government-seeded trust account that will grow throughout their childhood. Starting at age 18 and through age 35, these children will be able to withdraw from their accounts and use this nest egg to engage in wealth-building activities, like funding higher education, purchasing a home, or starting a business. 

A $5,000 baby bond would yield nearly $17,000 for each child after 18 years and over $53,000 after 35 years. These sums of money represent tuition for an education that launches a fulfilling career, a down payment on a home within a loving community, or even a thriving business that serves that same community. It represents the ability to breathe when life takes unfortunate turns. 

A Massachusetts Baby Bonds program would ensure that children with the fewest resources have the choices, opportunities, and futures that they deserve.