BOSTON – A group of advocates held an event to promote financial equity at the State House Monday with the goal of highlighting policies they believe can help low-income families.

A 2015 federal reserve study looked at Massachusetts’ racial wealth gap and it’s drastic inequity. The study found, on average, white households in the state had a net worth totaling around $250,000. Black households had a net worth of $8.

The staggering number is why state Sen. Jamie Eldridge, D-Middlesex and Worcester, and others are working to set the next generation up for success.

"That automatically is going to sort of continue that income inequality, and oftentimes racial inequality gap, that exists in Massachusetts,” Eldridge said. “So these are ways to sort of, you know, break through that."

One way lawmakers are hoping to help is through government-funded "baby bonds." They would provide foster children and children of families on state aid with an opportunity to have some money when they are older.

The money can be used to buy a home, start a business or even be put toward college or trade school.

“One thing that has come up in many conversations about the implementation aspect of 'baby bonds' is that what if we had done this 20 years ago? Where would those individuals be today?” said Lauren Bealore, associate director of state and local policy with Prosperity Now. “It's something that something to think about and take into consideration because that may be a generation lost, but we can say many more to come.”

"Baby bonds" are an investment the state can make now to help children in 20 years, and something other states have already set up.

“Let's work together,” said State Treasurer Deb Goldberg. “It's a long term commitment, but we have to stay the course and continue to fight the racial wealth gap.”

The "baby bonds" bill has gotten out of committee, and is still being debated in the state House. There is no timetable for when it will be voted on next.