WASHINGTON—Treasury Secretary Scott Bessent said at a press conference on Wednesday at the Treasury Department that tax-advantaged Trump Accounts for America’s youth will be “transformative” in furthering financial literacy in response to a question from Breitbart News.

Breitbart News received the first question during the question-and-answer period after the secretary unveiled the launch of the Trump Accounts website and announced the “50 State Challenge,” encouraging philanthropists across the country to seed Trump Accounts which can be established for children beginning July 5, 2026, through IRS Form 4547.

“Mr. Secretary… Can you explain the importance of fostering financial literacy among the next generation of America?” Breitbart News asked.

“Financial literacy has long been one of my passions, dating back for more than a decade when I was in the private sector,” Bessent said. “I grew up in a small town in South Carolina, in Little River, South Carolina; we didn’t know anything about Wall Street. We just knew that something bad happened in 1929, and I think the idea of financial literacy, knowing how to manage your money, how to manage your finances, is something that’s gotten lost to Americans, whether it’s children, twenty-somethings, or even many adults.”

“As I said earlier, this live action — being able to check your account every day is going to re-engage Americans in this… Many banks, as part of their Community Reinvestment Act educations, we’re going to reach out to all the banks to give seminars,” he added. “So I think that this really is going to be transformative for the American people, making them much better consumers of financial products, and understanding how they can optimize their financial health.”

Establishing Trump Accounts will be available to all Americans under 18 with a Social Security number, and those born between 2025 and 2028 are eligible for a $1,000 seed investment for their accounts, courtesy of the Treasury Department.

Parents, families, and individuals can contribute up to $5,000 annually to the accounts of those under 18.

Based on S&P averages, the website shows that if the $1,000 contribution from the Treasury is claimed for eligible children and no other contributions are added to the account, it will reach $5,800 after 18 years of age. If $250 is contributed annually in addition to the Treasury investment, the account is estimated to reach $20,700 by the time the child is 18.

Maxing out at the $5,000 annual investment, on top of the $ 1,000 seed investment, would set the child up with a projected $303,800 once they reach adulthood.

Children cannot withdraw from the account until they are 18, and they also have the option to let it continue to compound once of age, in which case it will be treated like an IRA.

Philanthropists have begun to pledge commitments to the accounts as well. Michael Dell announced earlier this month that he would provide $250 to the accounts of 25 million American children under 18 in zip codes where the median income registers under $150,000. This totals $6.25 billion in donations.

Ray and Barbara Dalio are also funding accounts for 300,000 children in Connecticut, in zip codes with median incomes below $150,000, at $250 per child, per CNBC, making them the first members of the “50 State Challenge.”

“The 50 State Challenge is a special initiative Treasury is launching today to rally the nation’s philanthropists around the common cause,” Bessent said. “Through the 50 State Challenge, we are inviting every philanthropist in every state across the country to partner with us in building generational wealth for America’s children through Trump Accounts.”