Trump launches savings program for children, babies offered $1,000

United States President Donald Trump has launched a new savings program for children, through which babies born during the designated period will receive an initial contribution of $1,000 from the US government.

The program, called “Trump Accounts,” aims to create investment accounts for American children, where initial funds deposited by the government would be invested in funds that track the stock market. The children would be able to access these funds once they turn 18.

According to the program's rules, the right to a $1,000 contribution is available to American citizen children born between January 1, 2025 and December 31, 2028, provided that the required criteria are met, reports BBC .

In addition to the initial amount from the state, parents, relatives and employers will be able to contribute to these accounts up to set annual limits. The aim is for children to have a financial foundation for the future, including education, buying a home or long-term savings.

Trump has touted the program as a way to give American children a better financial start and to foster a culture of saving and investing from an early age. However, the program has also sparked controversy, as critics argue that lower-income families may benefit less because of limited opportunities to add money to these accounts.

According to reports, the US government has already begun making the first deposits and hundreds of thousands of children have benefited from the initial $1,000 contribution. /Telegraph/