Trump Account signups reach 7 million, Bessent says

Trump Account signups have reached about 7 million children, Treasury Secretary Scott Bessent said Monday, adding fresh scale to a new tax-deferred savings and investment program for minors. The tally is up from 6.5 million earlier this month, according to Bessent’s prepared remarks for a meeting of the Financial Literacy and Education Commission, which CNBC said it received in advance.

Bessent described the rollout as “the most successful launch in government history,” according to those remarks. Treasury said early enrollment has exceeded sign-ups for other digital platforms and products, while also noting that many eligible children have yet to be registered.

The program formally began on July 4. It was created under President Donald Trump’s “big beautiful bill” and is available to U.S. children under 18 who have a Social Security number.

What are Trump Accounts?

Trump Accounts, also called 530A accounts, are tax-deferred savings and investment accounts for children. They are designed to give minors early exposure to long-term investing, with contributions invested in exchange-traded funds that follow the S&P 500, according to CNBC’s account of the program.

Children born from 2025 through 2028 may receive a one-time $1,000 Treasury Department deposit under a pilot program. Parents, guardians, grandparents and others may contribute as much as $5,000 per child each year.

The S&P 500 is a broad U.S. equity index made up of large public companies. An exchange-traded fund that tracks it typically seeks to mirror that index’s performance, giving account holders exposure to a basket of stocks rather than a single company.

Why Treasury is emphasizing financial education

Bessent linked the accounts to a broader push on household financial literacy. In the prepared remarks, he said young adults are increasingly looking to social media, online communities and artificial intelligence for financial guidance, and he framed the accounts as a real-time learning tool for families.

He also pointed to unequal participation in equity markets. A Gallup Poll cited by Bessent said 38% of Americans have no stock-market exposure, while studies show stock wealth has largely accumulated among the richest U.S. households.

Bessent said Trump Accounts would help create “a new class of shareholders,” according to his remarks, and said families that had been outside Wall Street would gain a clearer sense of owning financial assets.

How large could the program become?

Consulting firm McKinsey estimated in a recent analysis that Trump Accounts could generate from $80 billion to more than $900 billion in long-term asset accumulation for children across income levels over the next decade. McKinsey said the outcome would depend on participation, contribution behavior and continued engagement.

Those estimates are conditional rather than guaranteed. The accounts’ eventual scale will depend on how many eligible families enroll children, how much outside contributors add and how consistently accounts remain funded over time.

This story draws on original reporting from CNBC.