# Massachusetts Expands BabySteps Savings Program

The Massachusetts Office of State Treasurer and Receiver General, led by State Treasurer Deborah B. Goldberg, announced that the BabySteps program has reached a significant milestone with families saving over **$1 billion** in MEFA U.Fund 529 accounts. This initiative provides a $50 seed deposit to families who open accounts within a year of their child's birth or adoption, encouraging early financial planning for post-secondary education expenses. The program supports a broad range of educational costs and aims to improve educational outcomes through early investment.

- **Why this matters:** This milestone highlights the state's commitment to promoting educational savings and financial empowerment for families, which may influence future procurement of financial services and educational program support.
- Procurement professionals should note the ongoing demand for financial management services and educational savings program administration within state agencies.
- Vendors specializing in financial technology, account management, and educational outreach may find opportunities to support or expand similar state-led initiatives.
- The program's success underscores the importance of early engagement strategies in public financial programs, which could inform procurement planning for related educational and economic empowerment services.

**Jurisdictions:** sled
**Industries:** Professional Services, Education
**Topics:** Grants & Funding
**Published:** September 23, 2026

### Government Entities
- Office of State Treasurer and Receiver General
- Office of Economic Empowerment

### Sources
- [Treasurer Goldberg Announces $1 Billion Saved by BabySteps Families | Mass.gov](https://www.mass.gov/news/treasurer-goldberg-announces-1-billion-saved-by-babysteps-families) - MA