Empowering Futures: Learn About Baby Bonds in New Mexico
Building Economic Equity and Equal Opportunities for Every New Mexican Child
"Baby bonds would support families in the future. When the beneficiary reaches young adulthood, then they'll have capitol to invest it in their lives."
What are Baby Bonds?
Baby Bonds are publicly funded trust accounts designated at birth, that provide beneficiaries with "start up capital" to pursue fulfilling, productive, prosperous, and self-directed lives. These funds grow over time and can be used for education, starting a business, buying a home, or other opportunities when they reach adulthood.
Baby bonds can offer families a vital head start for their children as they transition into adulthood.
The Importance
The goal is to close income gaps and foster generational wealth, with funds growing over time and becoming accessible starting at age 18 wealth-generating assets. New Mexico, currently ranked 45th in income inequality and grappling with high child poverty rates, aims to implement this initiative.
The Bonds
Advocates for early childhood investment urge legislators to approve a bill enabling New Mexico to establish the fund and form a task force. These funds will grow over time and become accessible for wealth-generating assets when individuals reach adulthood.
The Investments
This task force would oversee the development and implementation of the program. The fund aims to cover educational expenses (such as tuition, fees, and books), provide homeownership assistance, support entrepreneurial endeavors and allow for long term investments.
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