National Child Savings Accounts Launch
CHATTANOOGA, Tenn. (WDEF) – Federal leaders and major philanthropists are outlining a nationwide effort to create a government-backed account for children at birth.
The announcement included confirmation from Michael and Susan Dell of a $6.25 billion donation to support the initiative.
According to federal representatives, the Treasury Department will administer the program.
They say approximately 60 million accounts are expected to be created next year.
Parents will not be required to set up the accounts themselves; instead, the accounts will be automatically generated, and families will have the option to claim them.
Officials explained that families will be able to claim the accounts using an Android phone, a public library computer, or other available access points.
Treasury representatives noted that the accounts will continue to grow even if they are not claimed immediately and that there is no deadline for families to activate them.
Program leaders say schools and community organizations are expected to help notify families about the accounts.
A national public-awareness campaign is also planned as the rollout continues in the months leading up to the country’s 250th anniversary on July 4.
During the announcement, Trump praised the Dells’ contribution and described the donation as significant.
Michael Dell said the idea developed over time through discussion, while Susan Dell noted that their foundation has worked on children’s initiatives for more than 26 years.
Treasury representatives highlighted that more than 30 states currently require at least one semester of financial literacy education, and that the upcoming accounts may increase demand for additional financial education resources.
