By Tom Joyce | The Center Square contributor
(The Center Square) – Nearly two-thirds of Americans support President Donald Trump’s new baby savings accounts, known as “Trump accounts,” a recent survey from BlackRock shows.
The program, signed into law on July 4 as part of the One Big Beautiful Bill Act, provides every newborn with a $1,000 government investment at birth. Parents and relatives can then contribute up to $5,000 per year into the tax-advantaged account until the child turns 18, with employers also able to contribute. The funds will grow through investments in the stock market and cannot be accessed until the child reaches adulthood. The BlackRock poll shows 66% of Americans support the policy.
The Treasury Department projects that if maximized, the savings accounts could grow into significant sums by the time a child reaches adulthood.
Estimates show that contributions made annually at the maximum cap could produce between $191,500 and $676,400 by age 18, depending on investment performance. If left untouched until the age of 28, those accounts could potentially be worth as much as $1.9 million, according to the Treasury Office of Tax Analysis.
Even with no additional contributions beyond the initial $1,000 government deposit, the accounts are projected to grow to between $3,000 and $13,800 over 18 years.
The survey comes amid concerns about financial insecurity in the United States. One in three Americans lacks any retirement savings, and 30% are unable to cover an unexpected $500 bill. Among Americans nearing or entering retirement, many have less than $150,000 saved — including a majority of those over 65, Fox Business reports.
Supporters of the measure argue that it provides families with a tool to build long-term wealth.
“A new survey shows 2/3 of Americans support President Trump’s new ‘Trump accounts,’ which will give each new baby born in America a $1000 savings account, with parents being able to add up to $5000 per year,” the Bull Moose Project posted on X. “This is the best of government: helping to give every American a firm start, while letting parents take the lead from there.”
The business advocacy group Consumer Action for a Strong Economy echoed that view.
“President Trump’s proposed Baby Savings Plan is wildly popular,” the group posted. “Great ideas often are.”
Survey respondents said the most popular uses for the savings accounts would be paying for college or trade school. The least popular uses included buying a car or starting a business.
The measure applies to children born between Jan. 1, 2025, and Dec. 31, 2028. A Social Security number is required to open an account.
