During this season of giving, State Treasurer Deborah Goldberg is encouraging family members, friends, and gift-givers across Massachusetts to consider a meaningful, future-focused gift for children: a contribution to a child’s 529 savings account.
“If you need a last-minute gift for a child in your life, contributing to their future education is a great option,” Goldberg said. “Every young person in Massachusetts deserves a real chance at affordable college, vocational training, or other post-secondary opportunities that help them get ahead.”
A 529 savings account allows families to save for a wide range of educational expenses, including for traditional four-year colleges, community colleges, or vocational or technical programs. Massachusetts’ 529 accounts are offered by MEFA and managed through Fidelity Investments.
To make contributions even easier, family members can purchase a MEFA Gift of College Card, available near the traditional gift cards at CVS, Stop & Shop, or Cumberland Farms locations across Massachusetts, and online. The MEFA Gift of College Card allows gift-givers to add funds to any existing Massachusetts 529 account, directly supporting a child’s education savings without needing access to the recipient’s account information.
Goldberg also reminds parents about the importance of opening these savings accounts early. BabySteps, a program through the Treasurer’s Office of Economic Empowerment, starts families on the pathway to saving for future educational expenses. MEFA U.Fund 529 College Investing Plan accounts opened within one year of birth or adoption will automatically receive a $50 BabySteps seed deposit to jumpstart early savings.
Even modest contributions to 529 accounts can grow over time, helping families reduce student loan debt and expanding children’s opportunities after high school. Additionally, research has shown that children with savings do better in school.
BabySteps provides families with a strong start, and tools like the MEFA Gift of College Card make it simple for loved ones to build on that foundation. A contribution today can help open doors tomorrow.
To learn more about the MEFA Gift of College Card, visit https://www.mefa.org/article/collegegift. To learn more about BabySteps program details and eligibility, visit mass.gov/BabySteps.
