State Bipartisan Bill Would Create a Savings Account for Every Child Born/Adopted in Wisconsin

Sunday, January 21st, 2024 -- 10:00 AM

(Rich Kremer, Wisconsin Public Radio) The State of Wisconsin would create a savings account for every child born or adopted in Wisconsin under a new bipartisan bill circulating through the Legislature.

According to Rich Kremer with Wisconsin Public Radio, the goal is to jumpstart savings and leverage compound interest from an initial $25 deposit from the state to assist with future educational costs or retirement plans.

During a press conference Wednesday, State Rep. John Macco, R-Ledgeview, and State Rep. Evan Goyke, D-Milwaukee, said their legislation would create a ‘WisKids’ savings account program.

It would expand on what are known as 529 college savings plans, which allow parents to invest money to help pay for a child’s future college expenses like tuition, room and board, textbooks and computers. 

Macco said there are already around 400,000 of those accounts in Wisconsin “with about $6.6 billion in assets.” “However, when we look at the demographics of those accounts, it seems that it’s an impressive number, but it’s not,” Macco said.

“We don’t have nearly enough participants. It’s apparent that only a minority of families are leveraging the 529 programs for their children’s future.”

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