Press Release: 9/22/2026

Treasurer Goldberg Announces $1 Billion Saved by BabySteps Families

 

BOSTON — September marks College Savings Month, an annual opportunity for families to take a closer look at how they are preparing for the rising costs of post-secondary education. For many families, a 529 account can be an important part of the strategy. That is certainly the case for families enrolled in BabySteps, who have just reached a huge milestone: $1 billion invested in their BabySteps funded accounts.

BabySteps, a program started by State Treasurer Deborah B. Goldberg, jumpstarts families on the pathway to saving for future educational expenses by providing them with a $50 seed deposit when they open a MEFA U.Fund 529 account within one year of their child’s birth or adoption.  

“BabySteps provides children with a strong start by jumpstarting investment in their futures, while also wrapping financial education around them and their families,” said State Treasurer Deborah B. Goldberg. “It is so exciting to see this ongoing level of commitment, ensuring these kids get a real chance at college, vocational/technical training, or other post-secondary opportunities, which result in a better future.” 

BabySteps funded 529 accounts allow families to save for a wide range of educational expenses, including for traditional four-year colleges, community colleges, or vocational or technical programs. Money in 529 accounts can also be used towards expenses such as books, computers, and apprenticeship supplies.  And, account holders may be able to transfer unused 529 funds to an eligible family member or roll them over to an ABLE or Roth IRA account. 

“One of the greatest gifts BabySteps can give families is time,” said Alayna Van Tassel, Executive Director of the Office of Economic Empowerment. “By helping families invest early in their children’s futures, they have more flexibility when students are getting ready for college, vocational school, or another path.” 

Research shows that children’s savings accounts provide multiple positive impacts on account holders and their families.  Starting to save early through programs such as BabySteps can result in improved financial and educational outcomes, including higher math scores, higher graduation rates and reduced student loan debt for college graduates.