Treasurer Goldberg Celebrates 529 Day with the BabySteps Savings Plan
BOSTON – State Treasurer Deborah B. Goldberg, the Office of Economic Empowerment (OEE), and the Massachusetts Educational Financing Authority (MEFA) are celebrating 529 Day and the importance of saving for future education, vocational training, and apprenticeships.
Treasurer Goldberg’s BabySteps Savings Plan plays an important role in helping families plan for the future. Every child born or adopted in Massachusetts receives a $50 seed deposit when a family member opens up a U.Fund 529 college savings account through MEFA, within one year of their birth or adoption.
Since 2020, the BabySteps Savings Plan has helped over 26,000 children start saving for their educational aspirations. Families can visit the BabySteps website to learn more.
This plan has a unique approach in helping families make prudent fiscal decisions. By providing education on how to budget, save, and plan for the unexpected, OEE's Learning Lab helps equip those enrolled with critical knowledge and skills to make the best financial decisions. Participants complete a playlist on essential money management topics and, upon finishing, are entered into a raffle to win a $25 Visa gift card. OEE also utilizes community partners throughout the state to provide early financial literacy for our BabySteppers.
Yesterday, OEE hosted a virtual event to explain the enrollment process to families and answer questions to help parents and guardians. Anyone can access the recording of the event on OEE’s YouTube channel.
“With the rising cost of post-secondary education, the path forward is unclear for many of our kids,” said State Treasurer Deborah B. Goldberg. “The BabySteps Savings Plan is a critical financial tool for families to encourage thoughtful planning and effectively save for their children’s future education.”
“Saving for college can help every child reach his or her dream, and starting to save as soon as a child is born gives families a head start. Through MEFA’s U.Fund 529 plan, aspirations for a college education have become a reality for over 20 years,” said Tom Graf, Executive Director of MEFA. “Planning early will provide children and families more options when it comes time to pursue that college degree.”
The free $50 seed deposits are funded with private-public partnerships through the Economic Empowerment Trust Fund, a 501(c)(3) non-profit organization subsidized by grants and charitable/private contributions. The founding sponsor of the program is the Hildreth Stewart Charitable Foundation, with funding support from MEFA.
About the Office of Economic Empowerment
Treasurer Goldberg created the Office of Economic Empowerment (OEE) with the goal of increasing financial stability for everyone in Massachusetts. The office works to promote programs that serve women, families, high school students, veterans, and seniors. Its initiatives focus on closing the race and gender wage gap, racial equity, increasing access to financial education, improving college affordability, and investing in STEM careers and education.
MEFA is a state authority, not reliant on state or federal appropriations, established under Massachusetts General Laws, Chapter 15C. MEFA's mission, since its founding in 1982, has been to help Massachusetts students and families access and afford higher education and reach financial goals through education programs, tax-advantaged savings plans, low-cost loans, and expert guidance. All of MEFA's work aligns with the ever-present goal to support the independence, growth, and success of Massachusetts students and families. Visit mefa.org to learn more or follow MEFA on Twitter @mefatweets, on Facebook at mefaMA, and on Instagram at @mefa_ma.