Treasury Secretary Scott Bessent told a meeting of the Financial Literacy and Education Committee on Monday that the Trump Accounts program is “the most successful launch in the history of our government,” according to prepared remarks provided exclusively in advance to CNBC.
Bessent said about 7 million children have enrolled so far. This is up from 6.5 million at the beginning of this month. While many children are still eligible, Treasury said initial enrollment numbers are outpacing those of other digital platforms and products.
Young people are increasingly turning to “social media, online communities and AI” to get financial advice, Bessent said in remarks, noting that the newly opened investment accounts offer “one of the great real-time learning experiences in American history.”
Research shows that stock wealth is primarily accumulated by America’s wealthiest households. According to a Gallup poll cited by Bessent, 38% of Americans have no exposure to stocks at all.
The Trump Account, which officially launched on July 4, will create “a new class of shareholders,” Bessent said Monday. “American families who have been left on the sidelines of Wall Street for too long will finally understand what it feels like to be a part of this movement.”
Trump accounts, also known as 530A accounts, were established by President Donald Trump’s “Big and Beautiful Bill” and are available to any U.S. child under the age of 18 with a Social Security number.
Children born between 2025 and 2028 can receive a one-time $1,000 deposit from the Treasury as part of a pilot program designed to jump-start long-term savings.
Parents, guardians, grandparents, etc. can also contribute up to $5,000 per child per year. These contributions are invested in an exchange-traded fund that tracks the performance of the S&P 500.
Trump accounts could trigger free funds to generate more than $80 billion to $900 billion in long-term wealth accumulation for children of all income levels over the next decade, according to a recent analysis by consulting firm McKinsey & Co. However, participation, contribution patterns, and sustained engagement are key factors in these outcomes.
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