India, July 3 -- A new federal savings initiative for children in the United States is set to launch on July 4, introducing a government-backed investment account system aimed at helping families build long-term wealth for minors. The program, called "Trump Accounts," is designed to encourage early investing through structured, tax-advantaged savings that can grow over time.

Officials have positioned the initiative as a way to promote financial literacy and long-term planning from childhood, with contributions coming from both private and public sources.

The accounts are expected to function as investment vehicles tied to market growth, with funds accessible later in life for key milestones such as education, housing and entrepreneurshi...