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Home Financial Education

How banks can lead the way in early wealth building through Trump Accounts

Banks are uniquely positioned to help families understand how these accounts work and how to use them strategically.

July 30, 2026
Reading Time: 3 mins read
Fed survey finds family income continued to grow despite pandemic

By Lindsay Torrico

Over the past year, I have been thinking about early wealth building in a much more personal way. In 2025, I welcomed my third child. This time, I found myself thinking not just about diapers and sleep schedules, but about long-term financial security: How do I make sure all three of my children have a strong financial foundation?

That question is not unique to me. Across the country, families are working hard to build financial stability for their children, yet many still face steep barriers to saving and investing early in life. The introduction of Trump Accounts offers a rare opportunity to change that trajectory.

Unlike standard savings accounts, Trump Accounts function as traditional individual retirement accounts that can be set up as either a trust or a custodial account, giving children a tax-advantaged asset from birth and creating a structured pathway for long-term savings and generational wealth. For many families, this is the first time they have access to a tool that grows over decades and supports major life milestones.

For banks, these accounts are more than a new federal initiative. They represent a moment to lead: to help millions of families build assets early, deepen trust in the financial system and strengthen long-term economic mobility in the communities they serve.

Banks are uniquely positioned to help families understand how these accounts work, how to protect them from scams and how to use them strategically to support future goals like education or homeownership. In doing so, banks can play a pivotal role in ensuring these accounts fulfill their promise.

How banks can get involved

Banks do not need to administer Trump Accounts to make a significant impact. They can support families as trusted financial advisors and partners through several practical steps.

  1. Provide clear, credible education for families: Families will naturally turn to their banks with questions about Trump Accounts — how they work, how to safeguard the funds, what long-term growth could look like and how to avoid scams. As with any new federal program, misinformation and predatory activity can spread quickly. Banks can step in by offering one-page explainers in branches, short videos or infographics on digital channels that outline how to use the accounts safely and translated materials for multilingual communities. This kind of support strengthens trust and reinforces the bank’s role as a reliable partner in consumers’ financial lives.
  2. Integrate Trump Account guidance into financial wellness programs: These accounts open the door to broader conversations about long-term saving, budgeting, credit building and investing. Banks can use these moments to connect families with additional tools, such as children’s savings accounts, financial coaching or credit-building products that support lifelong financial health. Banks with existing financial education or coaching programs can easily incorporate guidance on how to manage accounts, contribute safely and pair these accounts with other savings tools.
  3. Partner with schools and nonprofits to expand reach and impact. Many families who stand to benefit most from Trump Accounts may not have strong ties to the banking system. Banks can expand access by partnering with schools and early childhood programs, community-based nonprofits, social service agencies and workforce development organizations. These partnerships help ensure families receive accurate information and safe pathways to participate, especially in communities where trust in financial institutions may be fragile.
  4. Offer safe, low-cost savings products that complement Trump Accounts. Banks can offer products that help families build on the foundation of Trump Accounts, such as youth savings programs or low-minimum or no-minimum savings accounts. These products help families establish a broader culture of saving and financial planning, reinforcing the long-term goals of the Trump Account program.

A moment for leadership

The launch of Trump Accounts comes at a time when many families, including mine, are seeking stability and opportunity. As I think about the futures of all three of my children, I’m reminded that early financial building blocks matter. They shape confidence, choices and possibilities.

By stepping forward to support early wealth-building efforts, banks can help ensure that every child, regardless of background, has a stronger financial start.

The ABA Foundation encourages banks of all sizes to embrace this opportunity. Together, we can help families build assets, strengthen financial capability and create a more inclusive financial future for the next generation.

Lindsay Torrico is SVP, bank community engagement at ABA and executive director of the ABA Foundation.

Tags: ABA FoundationCommunity engagementIRSRetirement issues
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