H.1023 - An Act to promote economic mobility through matched savings

Current Status: Read more.

Senate Bill: S.628 - Senator Jamie Eldridge. Read more.

Background: Savings and assets play an important role in economic stability and upward mobility for families with low incomes. Financial security should not be a privilege only available to the wealthy; all working families should have enough money to pay for basic necessities - healthful food, rent, and utility bills - and still have enough left over to save for difficult times and build assets. Over the past 20 years, non-profits and local organizations have designed and administered successful matched savings programs to assist our most underserved constituents in the Commonwealth. 

What this bill would do: H.1023 would establish a state-funded matched savings account program that would assist low-income families with a 4-to-1 match when saving for college expenses, buying a home, starting a business, and other important goals.