Ahead of the rollout of Trump Accounts, First Lady Melania Trump on Thursday unveiled a new savings and investment program aimed at supporting children in the foster care system, developed in partnership with the U.S. Treasury Department.
Called “Fostering the Future Accounts,” the initiative will allow states to establish Trump Accounts for eligible children in foster care, giving them access to long-term savings and investment opportunities.
“For the first time, children in foster care will have access to a dedicated investment and savings vehicle,” Melania Trump said while announcing the program. “Education and savings accounts are the first steps toward personal independence.”
The announcement targets a population that often faces significant financial challenges. According to federal data, more than 400,000 children are currently in foster care across the United States, many of whom lack access to the financial resources and support systems available to their peers.
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The initiative comes as thousands of foster youth transition into adulthood each year without the support network many of their peers rely on. According to the National Foster Youth Initiative, more than 23,000 young people age out of the U.S. foster care system annually without being placed with a permanent family.
Research has shown that many of these young adults face significant financial hurdles as they begin living independently. A 2024 white paper from The Foundation for Research on Equal Opportunity noted that former foster youth often enter adulthood without access to family resources that can help cushion financial setbacks.
“They don’t have parents to call when the rent is overdue, the tuition bill arrives, or they need help getting to a job interview,” the researchers wrote, highlighting the lack of a financial safety net many former foster youth face as they enter adulthood.
The Trump administration is expanding a federal savings initiative to include children in foster care, positioning them among the first beneficiaries of a new investment program set to launch nationwide next month.
The announcement was made during an event attended by First Lady Melania Trump and Treasury Secretary Scott Bessent. The move builds on the administration’s broader “Fostering the Future” initiative, which was introduced last fall to support children in the foster care system.
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At the center of the expansion are Trump Accounts, tax-advantaged investment accounts designed for Americans under the age of 18. The accounts were authorized under Section 530A as part of President Donald Trump’s legislative package known as the “big beautiful bill.”
Under the program, children born between 2025 and 2028 will receive a one-time $1,000 contribution from the U.S. Treasury to help establish long-term savings and investment assets from birth.
Bessent said foster children would be included in the program from its inception, regardless of whether the state serves as their legal guardian.
“We are embedding foster youth into the fabric of this program from the outset,” as per Bessent. “When Trump Accounts launch on July 4, every eligible child in America will be able to participate, including those for whom the state serves as a legal guardian.”
The administration has promoted the accounts as a way to encourage wealth-building from an early age, with officials arguing that access to investment opportunities can help improve long-term financial outcomes for young Americans.