As the new year begins, people across Massachusetts are setting resolutions to strengthen their financial future – to save more, increase stability and create opportunities for themselves and their families.  But for too many households, achieving those goals requires more than determination alone. It also requires access to the right tools, supports, and opportunities to build assets and improve financial wellbeing.

According to the 2025 report “Pathways to Possibility,” a comprehensive roadmap to reduce poverty shaped by the members of the Special Legislative Commission to Study Poverty including United Way of Massachusetts Bay, just over 50 percent of residents in the Northwest has sufficient savings to cover three months of basic expenses. This reflects widespread financial vulnerability - without financial reserves, families are more vulnerable to economic disruption, which in turn limits capacity to invest in education, homeownership, or entrepreneurship needed to increase income and savings. 

United Way of Massachusetts Bay is advocating tor legislation that would establish and scale two programs that are showing promise in local communities and in other states: Matched Savings and Baby Bonds. Both proposals are included as recommendations in the 2025 Pathways to Possibility report and were recently reported favorably out of the Committee on Financial Services, a powerful signal of legislative support in a time where rising costs are eating through savings. 

“These proposals position Massachusetts to take a national leadership role in building long-term economic mobility and financial security,” said Marty Martinez, President and Chief Executive Officer at United Way of Massachusetts Bay. “Together, they ensure families can get ahead today while strengthening the next generation’s financial future.” 

Matched Savings programs strengthen a participant’s own deposits — often up to a 4:1 match — supporting goals like homeownership, higher education, emergency savings, and small business growth. Research shows that participants often increase their savings by 200–400%, and programs across the region see graduation rates above 70%.  
While enrolled, participants also receive financial coaching and financial education.  

United Way of Massachusetts Bay and The Midas Collaborative have been co-leading advocacy efforts through the Assets for Opportunity Coalition for future-focused, proven strategies that would help families build assets and move out of poverty.   

In Massachusetts, nearly 200 participants across six local Matched Savings programs have saved $475,697 to date in 2025. Over $332,400 of that total are matched dollars. Since 2007, Matched Savings programs supported by MIDAS have helped 1112 participants buy homes, 1150 invest in education, 496 start businesses, and 428 build rainy-day funds.  

“Matched Savings programs are needed now more than ever,” said Marty Martinez, President and Chief Executive Officer at United Way of Massachusetts Bay. “The cost of living in Massachusetts continues to increase, and the median home price in the Commonwealth is now above $650,000, putting home ownership out of reach for too many residents. Matched savings programs are a proven policy solution to increase economic mobility by savings needed to put a down payment on a home, advance education or start a business.” 

Lawmakers echo the benefits of Matched Savings. “Without this kind of support, too many families will be stuck in an endless cycle,” said State Senator Jamie Eldridge, who filed SB.737 — An Act to Promote Economic Mobility through Matched Savings.  “This is a way to help families become financially independent.” 

State Representative Brandy Fluker-Reid, who the House version of the bill, added, “When I think of Matched Savings, it’s just another support system for any of us to advance and provide for our families.” 

United Way is also advocating for legislation to establish Baby Bonds, an effort led by Massachusetts State Treasurer Deborah Goldberg, State Senator Paul Feeney and State Representative Andy Vargas.  

“Baby Bonds will narrow the racial wealth gap and provide our youngest generation with a foundation for success,” testified Treasurer Goldberg last fall at the bill’s legislative committee hearing.  “By investing early in the lives of every child, we can help ensure that more young people enter adulthood with the resources they need to build a stable financial future.” 

According to the Treasurer’s office, baby bonds would provide each newborn in the state with a publicly funded trust account, which accrues over time and is accessible when the beneficiary reaches adulthood. Like Matched Savings, recipients can access their funds as young adults and spend it on asset-building opportunities like higher education, a down payment on a car or home, or starting a business.  

In 2022, Treasurer Goldberg established a Baby Bonds Task Force, a diverse group of experts, advocates, and community leaders that included a representative from United Way of Massachusetts Bay to research and develop recommendations for how a Baby Bonds program could be most effectively structured and implemented. The task force’s findings have served as a foundation for the Treasurer’s ongoing policy discussions. 

Beyond the individual benefits, Treasurer Goldberg emphasized that “Baby Bonds represent a smart investment in the overall Massachusetts economy. By helping more young adults pursue higher education, start businesses, and become homeowners, the program would stimulate economic growth and strengthen local communities.”