First Lady Melania Trump announced a savings account for youth in foster care, called “Fostering the Future Accounts.”
The accounts, considered historic, allow the Department of the Treasury to recognize state child welfare agencies acting as guardians as eligible individuals to open an initial account for the child. The Trump administration will create a helpline to assist states in establishing the accounts.
“Fostering the Future Accounts give foster children the same chance for asset ownership and long-term wealth building as every other American child. By investing in our foster youth now, we help strengthen America’s workforce, communities, and economic future,” the First Lady said in a statement. She explained that foster youth, upon turning eighteen, can “access the assets they own through Fostering the Future Accounts. This will give them a foundation for independence and opportunity.”
Mrs. Trump explained that education and savings accounts are the “first steps toward personal independence.”
Twenty-three governors have pledged involvement in the program.
In November, President Trump signed an executive order to modernize the nation’s foster care system and provide young Americans with the tools they need when transitioning out of foster care.
“Our Nation’s children and youth — and the families who care for them — deserve better,” the order declares. “To that end, my Administration, with special leadership from the First Lady, will harness Federal support, technology, and strategic partnerships to provide young Americans in or transitioning out of the foster care system with the tools they need to become successful adults.”
The program appears similar to President Trump’s “Trump Accounts” for children. As of Tax Day, more than 5 million children have enrolled in Trump Accounts. All accounts opened for children born between January 1, 2025, and December 31, 2028, will automatically receive a $1,000 seed investment from the Treasury Department. Of the 5 million enrolled, 1.2 million qualify for that seed money.
