The launch of Trump Accounts, a new savings and investment program for American children, has sparked debate over whether it will help families build long-term wealth or fall short of its promises.

The initiative was officially introduced with a ceremonial ringing of the Wall Street opening bell at the White House. The program is designed to encourage investing from an early age by providing eligible children with access to tax-advantaged savings accounts.

Under the scheme, all US children under the age of 18 can open a Trump Account, while babies born between 2025 and 2028 qualify for a $1,000 government contribution to help start their savings.

Supporters say the program could give more young Americans a financial foundation and encourage long-term investing. However, critics argue that the benefits may not be equally accessible to all families.

Tax experts have raised concerns that lower-income households may struggle to take full advantage of the accounts, suggesting the program’s rules and tax structure could make participation more difficult for those who need it most.

The introduction of Trump Accounts comes as the cost of living remains a key issue in the United States ahead of the November midterm elections, with policymakers seeking new ways to support families and promote financial security.

Whether the initiative succeeds will likely depend on how widely it is adopted and whether families find it simple and worthwhile to use over the long term.