Key facts
- The "Fostering the Future Accounts" initiative will formally launch in less than a month.
- This program expands access to dedicated savings accounts, known as Trump accounts, for children in foster care.
- State child welfare agencies will act as legal guardians to establish these accounts for eligible children.
- Federal survivor benefits can be deposited into the accounts, counting toward annual contribution limits.
- Twenty-three Republican governors have committed to supporting the initiative by allowing state agencies to enroll children.
President Trump and first lady Melania Trump announced the launch of "Fostering the Future Accounts," an initiative designed to expand access to dedicated savings accounts, known as Trump accounts, for children in the U.S. foster care system. The program aims to provide these children with the same opportunities for asset ownership and long-term wealth as other children.
The initiative allows state, territorial, and tribal child welfare agencies, which serve as legal guardians for eligible children, to open Trump accounts on their behalf. Federal survivor benefits can also be deposited into these accounts by state officials, though these contributions count toward annual limits. Twenty-three Republican governors have already pledged to allow their state agencies to begin enrolling children in the program.
According to the National Council for Adoption, approximately 330,000 children are in the U.S. foster care system. Statistics from the National Foster Youth Institute indicate that one in five of these children face homelessness after aging out of care, and only half are employed by age 24.
Any U.S. child under 18 with a Social Security number qualifies for a Trump account. Millions of children are eligible for at least $250 in seed money, with a one-time deposit of up to $1,000 available for those born between January 1, 2025, and December 21, 2028. Employer contributions from various companies are also available.