By Connecticut Treasurer Erick Russell | June 2026
On July 1, Connecticut’s Baby Bonds program will reach an important milestone: three years since the launch of the first-in-the-nation statewide policy to provide every eligible child with a publicly funded investment at birth. Since then, nearly 50,000 Connecticut babies have been born eligible, each receiving a $3,200 public investment in their future and a pathway toward greater economic opportunity. With investment earnings, the funds are projected to grow to between $11,000 and $24,000 by the time each child reaches the ages of 18-30.
When we launched CT Baby Bonds, we aimed to ensure that more Connecticut children have access to the assets and resources that help families build long-term financial security, a straightforward goal that continues to guide our mission. Three years later, I am proud of the progress we have made and encouraged by the growing momentum behind this work, both here in Connecticut and across the country.
One of the most exciting developments is the rollout of our Baby Bonds Ambassador Program. We have partnered with nearly 140 trusted community organizations and municipalities that already have relationships with Baby Bonds-eligible families. These ambassadors will help raise awareness, answer questions, and ensure families understand how the program works and the opportunities it can create for their children.
This work recognizes an important reality: for many Baby Bonds families, interactions with government are too often associated with challenges rather than opportunities. By partnering with organizations that families already know and rely on, we can build stronger connections, foster trust, and ensure families have the information and support they need to fully benefit from the program and connect to other useful services.
As national conversations about child savings and wealth-building continue to evolve, Connecticut’s model remains a strong example of what it means to design policy around equity and inclusion. Recent federal action establishing 530A, or “Trump Accounts,” reflects growing recognition that assets matter, not just income. That is an important acknowledgement. But Connecticut’s Baby Bonds program is fundamentally different. Our program is automatic, publicly funded and managed, and targeted toward children born into families with the fewest resources. It is designed to address unequal starting points, not simply reward families who already have the ability to save.
I do not consider Baby Bonds to be in competition with other family-focused investment opportunities. Families need a range of tools to build security and opportunity. Baby Bonds can complement 529 college savings plans, federal 530A accounts, Connecticut’s new Early Childhood Care and Education Fund, and other investments that help children and families thrive. Together, these efforts can help build stronger foundations for future generations.
We are also beginning to deepen our understanding of Baby Bonds’ potential impact. Research partners are exploring important questions about how wealth-building policies affect families over time. A qualitative study led by researchers at Yale is examining the relationship between health, wealth, and family well-being. Researchers at Johns Hopkins are exploring the potential return on investment of Connecticut Baby Bonds, including possible long-term savings in public systems such as Medicaid. These studies will help inform future policy decisions and strengthen the evidence base for asset-building strategies.
After three years of CT Baby Bonds, three clear lessons emerge:
First, automatic enrollment matters. Families should not have to navigate complicated applications or paperwork to access opportunities.
Second, communication matters. Even the strongest policy must be accompanied by sustained outreach and education.
And third, building wealth is a long-term project. While Baby Bonds will not produce overnight results, they represent a meaningful investment in children’s futures and a commitment to narrowing opportunity gaps over time.
There is still so much we have yet to learn. As the first generation of Baby Bonds participants grows older, we will continue refining outreach, measuring outcomes, and identifying the supports that help young people make the most of these investments when they become available.
Perhaps the most inspiring aspect of the last three years has been watching Connecticut’s leadership spark interest in wealth-building initiatives nationwide. Since our program’s launch, states, cities, advocacy organizations, and policymakers across the country have explored Baby Bonds pilot projects and legislative proposals, gradually transforming Dr. Darrick Hamilton’s vision into reality. Connecticut demonstrated that what once seemed like a bold idea could become a practical and effective public policy.
Three years in, we remain committed to learning, improving, and leading. Most importantly, we remain committed to the thousands of Connecticut children whose futures we are helping to strengthen, one bond at a time.