Majority of U.S. Adults Support Wealth-Building Investments for Children from Low-Income Families

A new survey led by researchers at the Johns Hopkins Bloomberg School of Public Health finds that a majority of U.S. adults favor creating investment accounts, commonly known as “baby bonds,” for children from low-income families.

The findings appear in a peer-reviewed research letter published in JAMA Open Network on February 6.

More than two-thirds of respondents—67.6%—indicated support for investments for children born into low-income families. Support varied by political affiliation, with 81.7% of Democrats reporting support, compared with 67.5% of Independents and 48.0% of Republicans. Adults with lower levels of savings were more likely to support baby bonds than those with higher accumulated assets.

Baby bond programs typically provide a seed investment for eligible children when they are born, which grows over time. Children are then allowed to use the funds when they turn 18 for college or job training, starting or investing in a business, purchasing a home, or saving for retirement.

Connecticut became the first state to implement a baby bonds program in 2023, providing $3,200 in a state-managed trust fund for each baby born with Medicaid coverage as of July 1, 2023. Depending on market performance, the funds could mature to $20,000–30,000 by early adulthood. Three other states—California, Rhode Island, and Vermont—have passed legislation to create child wealth-building programs, though only California has launched its program. At least fourteen other states have proposed baby bonds legislation, and local pilots are underway in communities across nine states. The District of Columbia’s baby bond program for low-income children, launched in 2021, faced budget cuts and was repealed in 2025.

Last year saw the creation of “Trump Accounts” also called 530A Accounts in the Budget Reconciliation Act of 2025. The government is providing $1,000 per U.S. child born between January 1, 2025 and December 31, 2028. Trump Accounts do allow parents, guardians, and others to add contributions, which might widen wealth gaps that baby bonds aim to narrow. Unlike baby bonds, Trump Accounts are not targeted to children in low-income families. Baby bonds are provided automatically to low-income children to narrow long-standing wealth gaps that shape health, education, and economic opportunity across the life course.

“Wealth plays a foundational role in shaping health and well-being, yet it remains far less studied than income,” says lead author Catherine Ettman, PhD, an assistant professor in Health Policy and Management. “This study offers evidence of support for policymakers, agencies, and other stakeholders as they consider policies for investing in future generations through child savings and wealth-building initiatives.”

The findings draw on nationally representative survey data from the Cumulative Life Stressors Impact on Mental Health and Well-Being (CLIMB) Study, collected between March and April 2025. The sample included 1,870 U.S. adults, and survey weights were used to align results with the national adult population. Participants were asked whether they supported “creating an investment for children born into low-income households in the U.S.” Respondents who selected “strongly support” or “somewhat support” were classified as supportive.

In adjusted analyses, political affiliation and household savings were the only factors significantly associated with support. Adults with lower levels of savings were more likely to support baby bonds than those with higher accumulated assets.

The findings build on earlier surveys showing support for baby bonds.

While the new survey did not assess opinions on specific investment amounts or program design, the results highlight widespread openness to early-life wealth-building policies for low-income families.

“Understanding where public opinion stands can help policymakers create wealth-building programs that enjoy high levels of support,” says co-author Andrew Anderson, PhD, MHA, an assistant professor in Health Policy and Management. “Public support for targeted approaches suggests that a majority want to see programs that not only help children build wealth but reduce wealth disparities.” 

“National support for wealth-building for children from low-income households” was co-authored by Catherine K. Ettman, Andrew Anderson, Megan V. Smith, David Radcliffe, Brian C. Castrucci, and Sandro Galea.

The study was funded in part by the de Beaumont Foundation and a Johns Hopkins Nexus Award.