Trump Accounts Reach 7 Million Kids in Personal Finance Program

The Trump Accounts program has signed up 7 million children across the United States. The new savings plan is for children under age 18 who have a Social Security number.

Treasury Secretary Scott Bessent said the program is the most successful launch in government history. He shared the news during a meeting about money learning.

The program started on July 4. Children born from 2025 to 2028 can get a one time $1,000 deposit from the US Treasury. This money is meant to help them save for the future.

Parents, grandparents and other family members can also add up to $5,000 each year to a child's account. The money is put into funds that follow the S&P 500 stock market.

The government says the program will help more families learn about saving and investing. It also hopes more children will grow up with money set aside for the future.

A study by consulting company McKinsey says the program could help children build $80 billion to more than $900 billion in savings over the next 10 years. The final amount will depend on how many families join and keep adding money.