Updated
Updated · Business Insider · Jul 13
Trump Team Eyes 70 Million Child Accounts in 90 Days as Opt-In Model Risks Low Takeup
Updated
Updated · Business Insider · Jul 13

Trump Team Eyes 70 Million Child Accounts in 90 Days as Opt-In Model Risks Low Takeup

3 articles · Updated · Business Insider · Jul 13

Summary

  • Up to 70 million Trump Accounts for Americans under 18 could be auto-created within 90 days, Brad Gerstner said, describing it as President Donald Trump’s push to speed enrollment.
  • The plan would shift the program from parent-driven signup to automatic creation using existing government data, though Gerstner said it still requires coordination with the Treasury, White House and Social Security Administration.
  • Trump Accounts launched on July 4 as an opt-in investment program for children; eligible newborns born from 2025 to 2028 receive a $1,000 Treasury deposit.
  • $125 million flowed in from families during the first five days, according to the White House, while Gerstner said total deposits have already topped $1 billion with added support from donors and employers.
  • Researchers have long argued auto-enrollment is critical because opt-in child savings programs typically post lower participation, especially among low-income families.

Insights

Is the new Trump Account, with its flexibility for any expense, a better choice than a traditional 529 college plan?
What are the hidden economic risks of automatically enrolling up to 70 million children into the stock market?
How will millions of teens inheriting investment accounts at 18 change their approach to college, work, and savings?