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- Treasury Secretary Scott Bessent called Trump Accounts “the most successful launch in government history,” according to prepared remarks Monday exclusively provided in advance to CNBC.
- So far, 7 million children have been signed up for the new tax-deferred savings and investment accounts for kids, as per the latest tally.
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The Trump Accounts program is “the most successful launch in government history,” Treasury Secretary Scott Bessent said Monday at a meeting of the Financial Literacy and Education Commission, according to prepared remarks exclusively provided in advance to CNBC.
So far, about 7 million children have been signed up, Bessent said. That’s up from 6.5 million earlier this month. Although many more children are still eligible, the Treasury said early sign-ups have outpaced those for other digital platforms and products.
As young adults increasingly turn to “social media, online communities, and AI for financial advice,” Bessent said in the remarks, the newly launched investment accounts offer “one of the great real-time learning experiences in the history of the United States.”
Stock wealth has largely been accrued by the richest U.S. households, studies show. According to a Gallup Poll cited by Bessent, 38% of Americans have no exposure to equities at all.
Trump Accounts, which officially launched on July 4, will create “a new class of shareholders,” Bessent said Monday. “American families, left on the sidelines of Wall Street for too long, will finally understand what it feels like to have a piece of the action.”
Trump Accounts, also known as 530A accounts, were established through President Donald Trump‘s “big beautiful bill” and are open to any U.S. child under 18 with a Social Security number.
Children born from 2025 through 2028 can receive a one-time $1,000 deposit from the Treasury Department as part of a pilot program designed to jump-start long-term savings.
Parents, guardians, grandparents and others can also contribute up to $5,000 per child per year. Those contributions will be invested in exchange-traded funds that track the performance of the S&P 500.
With the free money as a draw, Trump Accounts could potentially generate $80 billion to more than $900 billion in long-term asset accumulation for children across all income levels over the next decade, according to a recent analysis by consulting firm McKinsey. However, participation, contribution patterns and sustained engagement are key factors in those outcomes.
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