Child welfare advocates are pushing New Mexico to create state-funded savings accounts for children born into poverty, aiming to tackle the economic disparities that many young residents face. As the state with the largest Latino population in the United States, New Mexico also has one of the highest child poverty rates. About 28% of children under age five and a quarter of all minors financially vulnerable households—well above the national average of 11.1%.
Axios reports that the concept of "baby bonds," which would provide financial grants for children to access when they turn 18, is gaining traction across the country. In fact, about a quarter of U.S. states are considering similar programs, according to the Harvard Kennedy School.
