Local financial educator intrigued by ‘Baby Bonds’

This story originally appeared in the August 18 edition of the Canton Citizen.

As someone who has spent the past decade emphasizing, explaining — and singing and dancing about — the importance of having a healthy relationship with money, Julie Beckham of Canton understands firsthand how uncomfortable the topic of finances can be for people of any age.

It’s the reason that she has declared, in her new role as assistant vice president of financial education at Rockland Trust, a “no shame zone” around all of the bank’s financial education programming. It’s also the inspiration for her new podcast, “No Shame in This Money Game,” in which she interviews experts while also breaking down financial concepts and jargon into smaller, more easily digestible pieces.

Julie Beckham

After all, said Beckham, “Learning about money should be easy and accessible — and part of my goal in this new role is to provide engaging resources to people of all ages who want to learn more about money.”

It is precisely this commitment to egalitarianism, combined with a deepening awareness of real-world inequities, that has piqued Beckham’s interest in the “Baby Bonds” movement — and ultimately landed her a spot on the new state task force charged with making the idea a reality in the commonwealth.

Although not a novel concept — its roots can be traced to proposals by Thomas Paine in the late 1700s — Baby Bonds essentially refer to government-funded savings accounts or trust funds that are established at birth for any child born in a lower income family. More recently, the idea gained traction in the United States based on a 2010 proposal by economists William Darity and Darrick Hamilton, who theorized that such a program would dramatically reduce the racial wealth gap. Since then, several policy proposals have been introduced at the federal level, including a bill filed last year by Massachusetts Congresswoman Ayanna Pressley and Senator Corey Booker (D-NJ) that calls for the establishment of a “new American birthright” in the form of $1,000 savings accounts for all U.S. children, with additional deposits of up to $2,000 per year based on household income.

Meanwhile, in June of 2021, the state of Connecticut made history when Governor Ned Lamont signed the first-ever state Baby Bonds program into law (although the start date has been delayed until July 2024). And a few months later, the D.C. Council approved its own Baby Bonds program with the passage of the Child Wealth Building Act, which calls for deposits of up to $1,000 per year until age 18 for any child born to a household making less than 300 percent of the federal poverty level.

For now, the Baby Bonds program in Massachusetts is only a proposal — one that’s being spearheaded by State Treasurer Deborah Goldberg and the Office of Economic Empowerment. In May, Goldberg announced the formation of the task force, which is made up of approximately 75 individuals with varying levels of experience in racial wealth equity, community engagement, child welfare, and asset-growth initiatives.

According to Goldberg, the job of Beckham and her fellow task force members is to help design a Baby Bonds program that is “feasible, impactful, lasting, and tailored specifically to Massachusetts.” The group has been meeting monthly and will provide its final recommendations by November, ahead of the legislative filing deadline.

“Baby Bonds has the potential to narrow the racial wealth gap and provide our youngest generation with a foundation for success in adulthood,” noted Goldberg. “Our task force members have multiple and diverse experiences in developing impactful programs that make a difference for Massachusetts residents of all backgrounds.”

As a veteran in the financial education field, Beckham said she sought out a spot on the task force in part because she enjoys working with passionate people with different perspectives, but also because she is intrigued by the idea of Baby Bonds and eager to learn whether it’s something that would work in Massachusetts.

In terms of the utility or even the fairness of such a program, Beckham said it would be easy for someone like herself — who grew up in Canton and benefited from an excellent school system, where kids are “celebrated and supported in so many ways” — to dismiss an idea like Baby Bonds. Others would contend that it’s downright “un-American,” given that it involves a redistribution of wealth under government direction.

However, Beckham noted that while children in wealthy suburbs like Canton have a support system in place and “step up and forward into their future,” this is not the reality for every child statewide. “To be a part of a working group that could create a program so that every 18 year old has just a portion of that kind of support that is so normalized here in Canton would be amazing,” she said.

Beckham said one experience that has really helped open her eyes is her participation on the Canton Diversity, Equity & Inclusion (CDEI) Committee. “It has also been an opportunity to use my privilege to make a positive change locally and that feels important and worthwhile,” she said. “The Baby Bonds Task Force is a similar opportunity to make a difference locally. We live in one of the wealthiest and most educated states in the country, and this program could be an opportunity to even that playing field for those children and families who are being left behind.”

In addition to the perspectives she has gleaned from her service with CDEI, Beckham believes she can also be an important asset to the task force due to her “unique” approach to financial education, which has successfully incorporated elements of theatre, music, and dance with her performance of Ms. Money & the Coins, an original production which she wrote herself and one that has proven to be a hit with elementary-age audiences across the commonwealth.

“People don’t like to even talk about money, never mind sing and dance about it,” noted Beckham, a former star of the stage during her years at CHS. “I think it is my ability to make learning about money accessible and as shame-free as possible that will be an asset to this committee. Additionally, my work in more than 150 elementary schools and my experience communicating with hundreds of nonprofits when I was helping to run Rockland Trust’s Foundation gives me a unique perspective into the needs of students and families across the commonwealth.”

Although she is hanging up her green “Ms. Money” dress for now to focus on the demands of her new position at Rockland Trust, Beckham said she is very proud of the fact that over 70,000 students “sang, danced and learned with Ms. Money over the last 10 years,” and all of the songs, lessons and activity sheets she created will continue to be available at RocklandTrust.com.

Besides her work with the task force, Beckham is also thrilled with her expanded role at the Rockland-based bank, which enables her to “fully dive into developing the strategy of how Rockland Trust approaches financial education, inclusion and wellness.”

“It’s a unique position for a bank to embrace and is a reflection of Rockland Trust’s commitment to educate its employees, customers and community members,” she said.

To learn more about the Baby Bonds initiative and to view a full list of task force members, go to mass.gov/service-details/massachusetts-baby-bonds-task-force.

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Posted by Jay Turner on Aug 27 2022. Filed under Features. Both comments and pings are currently closed.