Key facts
- Morgan Stanley and Goldman Sachs will match $1,000 contributions to "Trump Accounts" for eligible employees' children.
- The program is designed for children born between January 1, 2025, and December 31, 2028.
- The initiative aims to instill savings and investment principles in the next generation.
- Several other financial institutions, including Citi and JPMorgan Chase, are also participating.
- Philanthropists Michael and Susan Dell are donating $6.25 billion to seed accounts for younger children.
Morgan Stanley and Goldman Sachs announced on Thursday that they will match $1,000 contributions to "Trump Accounts" for eligible employees' children. The program, set to launch on July 4, is designed for children born in the U.S. between January 1, 2025, and December 31, 2028.
Morgan Stanley stated its contribution reflects a belief in long-term saving and financial education. Goldman Sachs CEO David Solomon emphasized the importance of starting early and staying invested for financial security, viewing the initiative as a way to instill fundamental economic principles in America's next generation.
Several other financial firms, including Citi and JPMorgan Chase, have also committed to matching the $1,000 federal contribution for their employees' children. Additionally, philanthropists Michael and Susan Dell announced a donation of $6.25 billion to seed 25 million accounts for children aged 10 and under with $250 each, providing a boost to those not eligible for federal contributions.
The Trump Accounts were established by the One Big Beautiful Bill Act, a tax reform package signed into law by President Donald Trump. The initiative invests savings in low-cost index funds offering diversified exposure to the U.S. stock market. Parents can contribute up to $5,000 annually, and employers up to $2,500 without impacting employee taxable income.