MADISON — Today, the Senate Committee on Financial Institutions held a public hearing on the WisKids legislation, a bipartisan initiative that would give every child born or adopted in Wisconsin $25 in a state-managed 529 account to jumpstart their educational savings. Families can claim these funds before the child turns 10, and the accounts can be used for college, vocational programs, certificates, and apprenticeships.
“WisKids helps families start saving early and build a culture of financial literacy, without taking money out of anyone’s pocket,” said Rep. Alex Joers (D-Waunakee), author of the legislation. “The program is fully sustainable, funded by an existing segregated account, and complements, not competes with, private savings and professional financial planning.”
Other states, including Pennsylvania, Colorado, Connecticut, Nebraska, Nevada, Oregon, and North Dakota, have successfully implemented similar programs, demonstrating the value of early savings in encouraging proactive lifelong financial habits.
The public hearing marks an important milestone in moving WisKids forward through the legislative process. Its bipartisan support reflects the authors’ serious commitment to passing this legislation to ensure every Wisconsin child has a head start on their future; today’s hearing brings the program one step closer to becoming law.
