A new law passed in Connecticut will allow children born into poverty access to a state-run savings account once they turn 18.

The new Baby Bonds program creates savings account in which money is invested over a period of at least 18 years.

Lawmakers say once the child turns 18, he or she can then use the money for college, retirement savings or to buy a home or start a business.

State Treasurer Shawn T. Wooden, who created the program, says it will help ensure a sound state economy going forward.

The new program applies to every child in Connecticut whose birth was covered by Husky Health on or after July 1 of this year.

All children covered will each get a savings account containing $3,200 - which Wooden says will grow to $11,000 by the time each child turns 18.