US Treasury Reports 5 Million Enrollments in New Youth Investment Accounts

The U.S. Treasury has seen significant early adoption of the newly established tax-deferred investing accounts for children, with 5 million enrollments reported by Treasury Secretary Scott Bessent. The program, enacted via recent legislation, is scheduled for an official launch on July 4. The initiative is designed to foster early financial literacy and capital accumulation. While any U.S. child under 18 with a Social Security number is eligible to open an account, a specific pilot program provides $1,000 in Treasury seed money to children born between 2025 and 2028. Private sector support is scaling alongside government efforts. Tech CEO Michael Dell, who previously pledged $6.25 billion to the program, indicated that further corporate commitments are expected. The accounts are structured to allow contributions from multiple sources, including charitable organizations and local governments, with some entities proposing incentives for academic achievement or community service. On the operational front, Bank of New York Mellon will manage the initial accounts. The bank has partnered with Robinhood to develop a dedicated application to facilitate access and education on capitalism and investing. Families were first able to elect these accounts during the January 26 tax season by filing IRS Form 4547. Following a high-profile Super Bowl advertisement, the Treasury expanded access by allowing online submissions via a dedicated government portal.