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The Treasury Department said that over 60 million children have been automatically enrolled in Trump Accounts, according to guidance filed with the Federal Register.
"Millions of children have already enrolled in Trump Accounts. With automatic enrollment, over 60 million more eligible children now have an account ready to be claimed," Treasury Secretary Scott Bessent said in a statement.
The idea behind Trump Accounts is to give children a head start on building wealth. The accounts are a new type of tax-deferred individual retirement account for children. Any eligible child under 18 with a valid Social Security number can open an account, while U.S. citizens born between 2025 and 2028 may also qualify for a one-time $1,000 contribution from the government.
Until now, parents or guardians were required to sign up for accounts on their children's behalf. Participation has been low, however.
According to a study by the national nonprofit Commonwealth, participation rates remain low, with families citing concerns about the tax implications of these accounts, confusion about how to set one up, a lack of clarity about eligibility, and a lack of trust in the administration as reasons for not opening an account.
So far, just 5% of low- to moderate-income families eligible for a 530A Trump Account have actually opened one.
Read more: Trump Accounts could help lower-income families most. Few have signed up.
"The complexity of eligibility criteria, contribution limits, income phaseouts, and withdrawal rules across more than a dozen accounts discourages participation, particularly among households with limited time, low financial literacy, or insufficient outside savings for emergencies," said Adam Michel, director of tax policy studies at the Cato Institute, in a policy analysis. "The result is a system used primarily by those best equipped to navigate it."
Read more: Trump Account investment options, rules, and guidelines: What you need to know
Every eligible child under 18 with a valid Social Security number now has a Trump Account. It's up to parents and guardians to claim their child's account.
Parents can claim an account and the $1,000 seed contribution for eligible children by downloading the official Trump Accounts app, verifying their identity and relationship to the child, reviewing the child's information, and accepting the account terms.
Read more: Trump Accounts app: How to sign up and get started
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