A former Progressive Labour Party senator has called for the creation of $500 seed fund for every newborn — a scheme she said would lay the foundation for financial security and literacy for children.

Arianna Hodgson said the fund would be “an intentional, universal investment” in every child at birth and should be set aside and paired with age-appropriate financial education as they grow.

Ms Hodgson said in an opinion article in The Royal Gazette that the idea for the fund came to her as she read the most recent Pre-Budget Report unveiled by David Burt, the Premier, in December.

She said: “I couldn’t shake a familiar concern: once again, we are focused on managing today’s pressures without fully reckoning with what we owe future generations.

“I understand the constraints. I understand the trade-offs. But I also believe that if we are serious about building a resilient Bermuda, we must be more intentional about how we invest in our children — not just now, but over the long term.”

Ms Hodgson, a former PLP election candidate, said that because less than 500 children were born on the island annually, it was “not an unrealistic proposal”.

She added: “It is a practical, affordable and forward-thinking commitment to our collective future.”

Ms Hodgson, who previously served as a Junior Minister of Labour, Finance and Health in the PLP, said Bermuda had the “infrastructure, the expertise and the fiscal capacity” to facilitate the scheme.

She added: “Bermuda can do this. And we should.”