Nearly 8,000 babies qualify for Connecticut’s Baby Bonds program

7,810 babies born second half of 2023 in Connecticut qualify for CT Baby Bonds | Photo by Rene Asmussen on Pexels

On July 1, 2023, Connecticut officially launched the CT Baby Bonds program, an initiative designed to invest in children born into poverty.

In a Jan. 17, 2024 press release, Governor Ned Lamont and Treasurer Erick Russell revealed that 7,810 children, born between July 1 and Dec. 20 last year across the state, have automatically become eligible.

This confirmed that parents of eligible newborns don’t need to take any action to enroll, ensuring a streamlined process for every eligible child to benefit from CT Baby Bonds. 

Under the program, children covered by HUSKY, the state’s Medicaid program, are automatically enrolled, with $3,200 invested on their behalf.

These investments managed by the Office of the Treasurer will grow over time and become accessible to participants between the ages of 18 and 30.

Furthermore, the funds can be used for specific purposes, including purchasing a home, starting a business, funding education, and saving for retirement.

Governor Lamont highlighted the program’s impact, stating, “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.”

Approximately 15,000 babies are expected to be eligible for CT Baby Bonds annually. The program has already reached children in 165 out of 169 towns and cities, demonstrating its reach on families across Connecticut.