Trump Account signups reach 7 million, Bessent says
Treasury Secretary Scott Bessent said 7 million children have enrolled in the new tax-deferred investment accounts for kids.
By Maya Okafor · Markets Writer
· 3 min read
Trump Account signups have reached about 7 million children, Treasury Secretary Scott Bessent said Monday, putting the new kids’ savings program in front of families and investors fast. The accounts matter because they push more children into long-term market investing at a time when many U.S. households still have no stock exposure.
Bessent called Trump Accounts “the most successful launch in government history” in prepared remarks for a Financial Literacy and Education Commission meeting, according to CNBC, which reviewed the remarks in advance. The latest count is up from 6.5 million earlier this month, Bessent said.
The Treasury Department said early enrollment has moved faster than signups for other digital platforms and products, according to CNBC. Bessent also said many additional children remain eligible.
How do Trump Accounts work?
Trump Accounts, also called 530A accounts, are tax-deferred savings and investment accounts for children. Tax-deferred means taxes on investment gains are delayed, rather than owed each year as the account grows.
The accounts were created through President Donald Trump’s “big beautiful bill” and are available to U.S. children under 18 who have a Social Security number, according to CNBC. The program officially began on July 4.
Children born from 2025 through 2028 can receive a one-time $1,000 Treasury Department deposit under a pilot program meant to start long-term savings early. Parents, guardians, grandparents and others can add up to $5,000 per child each year.
Those contributions are invested in exchange-traded funds that follow the S&P 500, according to CNBC. An exchange-traded fund, or ETF, is a basket of investments that trades on an exchange like a stock; the S&P 500 is a broad index of large U.S. companies often used as a shorthand for the stock market.
Why the Treasury is framing this as financial education
Bessent’s prepared remarks tied the rollout to how younger people learn about money. He said young adults are turning more often to “social media, online communities, and AI for financial advice,” and described the accounts as “one of the great real-time learning experiences in the history of the United States,” according to CNBC.
The pitch is also about access to stock ownership. Bessent cited a Gallup poll showing that 38% of Americans have no equity exposure, according to CNBC. Studies show stock wealth has been concentrated among the richest U.S. households, CNBC reported.
Bessent said the program will create “a new class of shareholders” and give families who have been outside Wall Street a way to experience ownership, according to his prepared remarks cited by CNBC.
A recent McKinsey analysis estimated that Trump Accounts could produce from $80 billion to more than $900 billion in long-term asset accumulation for children across income levels over the next decade, CNBC reported. McKinsey said the outcome depends on participation, how much families contribute and whether account holders stay engaged over time.
This story draws on original reporting from CNBC.
