Melania Trump announces a new savings account for youth in foster care
A new savings program for children in foster care was announced Thursday at an event with the first lady and Treasury Secretary Scott Bessent.
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U.S. first lady Melania Trump delivers remarks on a Trump administration initiative for savings and investment accounts for children in foster care, during an event at the Treasury Department in Washington, D.C., U.S, June 11, 2026.
Jonathan Ernst | Reuters
Ahead of the official launch of Trump Accounts, First Lady Melania Trump on Thursday announced a new savings and investment account in conjunction with the U.S. Treasury Department.
The "Fostering the Future Accounts" will be geared toward children in foster care.
"For the first time, children in foster care will have access to a dedicated investment and savings vehicle," she said. "Education and savings accounts are the first steps toward personal independence."
More than 400,000 children are in foster care in the U.S., and many are considered financially vulnerable, according to federal data.
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Each year, more than 23,000 youths age out of the foster system without a permanent family, according to the National Foster Youth Initiative, a youth development organization.
Those young adults are largely on their own and likely to lack access to financial resources, according to a 2024 white paper by The Foundation for Research on Equal Opportunity, a nonpartisan think tank.
"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.
The new savings program was announced at an event with the first lady and Treasury Secretary Scott Bessent. It is the latest update to a broader "Fostering the Future" initiative started by the Trump administration in the fall.
Separately, Bessent has also been promoting Trump Accounts, also known as Section 530A accounts, which were created last year as part of President Donald Trump's "big beautiful bill."
Those tax-deferred investing accounts are geared specifically for children under age 18 and include a one-time $1,000 deposit from the Treasury for kids born between 2025 and 2028.
"We are embedding foster youth into the fabric of this program from the outset," Bessent said Thursday. "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 ... At every step, Treasury will provide expert guidance to child welfare agencies."
So far, 23 governors have pledged to set up the accounts for foster children within their states, according to a release from the White House.
