The numbers told the story last week as General Treasurer and Gov.-elect Gina Raimondo announced a program that will give every newborn Rhode Islander a $100 college savings account starting Jan. 1.

In fact, the program has been in existence for more than three years, but of the approximately 11,000 babies born annually in Rhode Island, fewer than 70 families took advantage of the free offer that is part of the state contract with AllianceBernstein Investments, the firm that runs the $7 billion CollegeBoundFund. AllianceBernstein fully funds the program, and Raimondo vowed should the state change investment advisors, the program would be part of an agreement.

Dismal participation in a free program designed to help families save funds for their children’s education was one figure that jumped out for Raimondo. The other was that high school students are more likely to attend college.

At a press conference at the Knight Campus of the Community College of Rhode Island, Raimondo said studies have shown that no matter the amount, those high school students with college savings are seven times more likely to attend college than those who don’t. She noted that having resources to help pay for education is part of it, but to a greater degree a savings account – defined as a 529 plan – generates a change in attitude. It fosters aspiration and hope.

“All of a sudden … going to college is a possibility,” she said.

Rhode Island becomes the third state to offer a universal saving account for newborns. Programs also exist in Maine and Nebraska. What has changed in Rhode Island – thanks to the work of Heather Hudson in the treasurer’s office and the staff at the Rhode Island Higher Education Assistance Authority, or RIHEAA, which oversees the CollegeBoundFund – is to simplify the process of opening a “baby” account. As it is now, parents must request to enroll their children in the program and are faced with a lot of paperwork.

Working with the Department of Health, forms that accompany a newborn will include a check-off box to start the saving program.

“Check that box, and boom, the money is there,” Raimondo said.

Technically, the $100 and whatever it earns remains the state’s until it is withdrawn for educational purposes. Naturally, those additional funds contributed to the account by family and friends belong to the individual. RIHEAA is also exploring incentives, such as additional contributions for good attendance, to further the enhance savings and promote higher education.

Raimondo also said over time she would like to include a “scholarship program” as part of the savings plan.

Addressing the news media prior to the announcement, Raimondo stressed while she sees the program as an element in the effort to create an educated workforce and improve the state’s economy, there is “no silver bullet.” She said turning around economic conditions is a “day in and day out” effort that requires multiple strategies.

She also sees the baby program as one means of “breaking down the barriers to higher education.”

“Rhode Island should be a place where everybody has a chance,” she said.

General Treasurer-elect Seth Magaziner remarked on the extensive “behind-the-scenes work” that went into program. He pledged his commitment to the program, adding, “too many Rhode Islanders don’t have enough saved away [to attend college].”

He also sees the accounts as becoming educational tools as the children grow and enter school. He pointed out that students would be told “this is your money,” and they will be able to follow its growth.

A hit of the announcement was Alice, the 5-month-old daughter of Ryan and Megan Contay. Alice was cuddled by Raimondo and Magaziner, and was included in group photo shoots. Alice’s debut as “cover girl” for the baby fund was coordinated by Hudson, who is friends with her mother.

As for Alice’s own CollegeBoundFund, her parents said they are now thinking of it. They had no knowledge of the program when Alice was born.

Observing that the “heavy lifting” of designing the mechanics of the fund have been completed, Magaziner said, “now let’s work together to make it all it can be.”