mckinsey -从资产获取视角：早期财富积累如何影响经济流动能力 From access to assets How early-life wealth building can shape economic mobility -1

McKinseyInstituteforEconomicMobility

Fromaccesstoassets

Howearly-lifewealthbuildingcanshapeeconomicmobility

June2026

Investinginchildren’sfinancialfuturescannarrowdisparities

andexpandopportunity.

Diferentscenariosforthenew

530Aaccount,alsoknownastheTrumpaccount,highlightthe

factorsthatcanshapeitsimpact.

ThisreportisacollaborativeeffortbyDuwainPinder,JimmySarakatsannis,andShelleyStewartIII,withKelemworkCookandNataliaMolinaHarno,representingviewsfromtheMcKinseyInstituteforEconomicMobility.

Ataglance

—Anewearly-lifeasset-buildingprogramcouldgeneratesubstantiallong-termassets.

Undermodeledscenarios,broadparticipationandadditionalcontributionsto530A

accounts,alsoknownas“Trumpaccounts,”couldgeneratebetweenapproximately

$80billionandmorethan$900billioninlong-termassetaccumulationforlower-wealth

householdsoverthenextdecade.

—Expandingaccessdoesnotguaranteebroadlysharedgains.While530Aaccountscould

meaningfullyincreaseassetaccumulationforlower-wealthhouseholds,unevenparticipationandcontributionpatternsmayallowhigher-wealthhouseholdstocaptureadisproportionateshareofthebenefit.

—Smalldifferencescancompoundintolargegaps.Undermodeledscenarios,achildreceivingonlythe$1,000federalseedcontributionaccumulatesnearly$6,000byage18,compared

withroughly$61,000withaone-time$10,000philanthropiccontributionandmorethan$250,000withsustainedannualcontributionsfromfamiliesorothercontributors.

—Participationmaymatterasmuchasaccess.Evidencefromotherearly-lifeasset-buildingprogramssuggeststhatparticipation,contributionpatterns,andsustainedengagementarekeydriversoflong-termoutcomes.

—Stakeholderscaninfluenceoutcomes.Government,communityorganizations,

philanthropies,employers,andfinancialinstitutionscouldhelpbroadenparticipation,directadditionalcapitaltowardlower-wealthhouseholds,andsupportsustained

engagementovertime.

Fromaccesstoassets:Howearly-lifewealthbuildingcanshapeeconomicmobility1

Early-lifeasset-buildingprogramsaredesignedtohelpfamiliesbeginaccumulatingwealth

earlierinachild’slife.Theseapproaches—includingchildsavingsaccounts,babybonds,and

educationsavingsplans—aimtoprovidechildrenwithfinancialassetsthatcangrowovertime

andsupportfutureeconomicmobility.Whilethesepoliciesarenotnew,theirresultshavebeenuneven.Manyprogramshaveincreasedsavingsparticipationandassetownership,buthavenotconsistentlyreachedthelowest-wealthfamilies.Researchsuggeststhatlong-termaggregateoutcomesdependnotonlyonaccessbutalsoonwhoparticipates,contributionbehavior,and

programdesign.1

IntheUnitedStates,anewtypeofinvestmentaccountisavailabletofamiliesstartinginJuly

2026.KnownasTrumpaccountsandestablishedunderSection530AoftheInternalRevenue

Code,thesefederallyauthorizedinvestmentaccountsaredesignedtohelpparentsandrelativessaveforachild’sfuturefromanearlyagewhileadvancingabroaderasset-buildingapproach.2

Eligiblenewbornscanreceivea$1,000government-fundedseedinvestment,subjectto

enrollmentoractivation,thatisintendedtocompoundovertimeinlow-costdiversifiedportfolios(seesidebar,“Whatisa530Aaccount?”).3

1MadelineBrownetal.,Thestateofbabybonds,UrbanInstitute,February2023.

2Weusetheterms“Trumpaccount”and“530Aaccount”interchangeablythroughoutthisreport.

3“Treasury,IRSissueproposedregulationsforTrumpAccountscontributionpilotprogram,TreasuryDepartmenttodeposit$1,000intotheaccountofeacheligiblechild,”InternalRevenueService(IRS),March6,2026;“Noticeofintenttoissue

regulationswithrespecttoSection530ATrumpAccounts,”IRS,December2,2025.

Sidebar

Whatisa530Aaccount?

530Aaccounts,alsoknownas“Trumpaccounts,”arefederallyauthorized

investmentaccountsforchildren

thatincludeaone-timefederalseed

contributionforeligibleparticipantsand

aresubjecttoIRA-basedtaxtreatment.

TheprogramwascreatedundertheOneBigBeautifulBillActof2025througha

newSection530AoftheInternalRevenueCodeandscheduledtolaunchinJuly

2026.1Philanthropicinitiativeshave

alsoemergedaround530Aaccounts,

includinga$6.25billionpledgebyMichael

andSusanDellandaffiliatedcharitablevehicles,tosupportsupplemental

contributionsforeligiblechildren.2

Whileanychildunderage18withavalid

SocialSecuritynumbermaygenerally

beeligibletoopena530Aaccount,the

program’sone-time$1,000government-fundedseedinvestmentiscurrentlylimitedtochildrenbornintheUnitedStates

betweenJanuary1,2025,andDecember31,2028,whoareUScitizensatbirth.

BeginningJuly4,2026,theTreasury

Departmentwilldepositthe$1,000seed

investmentdirectlyintoeligibleaccountsthathavebeenopenedandactivated.3

Fundsareintendedtobeinvestedinlow-cost,diversifiedportfoliosandcangrowovertimethroughinvestmentreturnsandadditionalfamilycontributions.

Likeotherlong-termsavingsvehicles,

Trumpaccountsaredesignedtosupportlong-termassetbuildingthrough

compoundgrowth,potentiallyprovidingresourcesforeducation,housing,

entrepreneurship,orotherfutureneedsinadulthood.

Fromaccesstoassets:Howearly-lifewealthbuildingcanshapeeconomicmobility2

1TrumpAccounts,InternalRevenueService,accessedJune2026.

2“LandmarkDellgiftsuperchargesTrumpAccountsforAmerica’skids,”WhiteHousepressrelease,December2,2025.

3“TreasuryannouncesthelaunchoftheTrumpAccountsappandnextstepsforTrumpAccounts,”USDepartmentoftheTreasurypressrelease,May28,2026.

Fromaccesstoassets:Howearly-lifewealthbuildingcanshapeeconomicmobility3

Whilemuchofthediscussionaround530Aaccountshasfocusedonaccountaccessand

eligibility,theMcKinseyInstituteforEconomicMobilityanalysisinthisreportexploresabroaderquestion:Whatdetermineswhetherearly-lifeasset-buildingprogramstranslateintomeaningfulassetaccumulationovertime?Evidencefrompriorprogramssuggeststhatparticipation,

contributionpatterns,andsustainedengagementmaybeasimportantasaccessitselfinshapinglong-termoutcomes.

Economicmobilityisoftenassociatedwitheducation,employment,andincomegrowth,butitisalso

shapedbyassetownership

andtheabilityoffamiliestoaccumulatewealthovertime.Anestimated40to50percentofAmericanchildrenarebornintolow-incomeoreconomicallyvulnerablehouseholds,dependingonthedefinitionused.

4

Atthesametime,intergenerationalincomemobilityhasdeclined.Roughly90percentofAmericansbornin1940earnedmore

thantheirparents,comparedwith50percentofthoseborninthe1980s.

5

Mobilityoutcomesarealsounevenacrosspopulations.BlackAmericans,inparticular,

experiencesignificantly

lowerratesofupwardmobility

andlargerintergenerationalearningsgapsthanWhite

Americansacrossgenerations.

6

WealthdisparitiesintheUnitedStatesremainsimilarlystark.Thebottom25percentof

householdsholdverylittlewealth,withamediannetworthofapproximately$3,500andlimitedownershipoffinancialassets.Bycontrast,householdsinthe75thto89.9thpercentileofthe

wealthdistributionholdmorethan$1millioninmediannetworth.Asaresult,householdsinthesesegmentsareseparatedbyawealthgapapproaching300-fold.

7

Thegapissubstantiallylarger

whenhouseholdsinthetop10percentofthewealthdistributionareincluded,reflectingthe

concentrationofwealthattheverytop.Thesedisparitiesreflectunequalaccesstoassetsthataccumulateandcompoundovertime.

8

Againstthisbackdrop,thelong-termeffectsofearly-lifeasset-buildingprogramsarelikelytodependasmuchonparticipationandcontributionsasonaccountaccessitself.Ifparticipationandcontributionsremainunevenandconcentratedamonghigher-wealthhouseholds,asset

accumulationmaydisproportionatelybenefithouseholdsalreadypositionedtocontributeconsistentlyandmorelikelytohaveaccesstotheinformation,financialtools,andsupportnetworksthatreinforcelong-terminvesting.Ifparticipationisbroaderandmorebalanced,however,theseprogramscouldcontributetomorewidelydistributedwealthaccumulationovertime.

4MaribelR.GranjaandSheilaSmith,Basicfactsaboutlow-incomechildren,NationalCenterforChildreninPoverty,March2025.

5RajChettyetal.,“ThefadingAmericandream:Trendsinabsoluteincomemobilitysince1940,”Science,April2017,Volume356,Number6336.

6RajChettyetal.,“RaceandeconomicopportunityintheUnitedStates:Anintergenerationalperspective,”QuarterlyJournalofEconomics,May2020,Volume135,Number2.

7SurveyofConsumerFinances,FederalReserveBoard,2022.

8FabianT.PfefferandMartinHällsten,“Mobilityregimesandparentalwealth:Theroleofintergenerationaltransfersincomparingeconomicmobilityacrosscountries,”ResearchinSocialStratificationandMobility,October2012.

Fromaccesstoassets:Howearly-lifewealthbuildingcanshapeeconomicmobility4

Thechartbelowillustrateshowdifferencesinparticipationandcontributionpatternsmay

shapelong-termassetaccumulation.Undermodeledassumptions,ChildAreceivesaone-

time$10,000philanthropiccontributionplusa$1,000one-timefederalseedatbirth,r

esultinginroughly$61,000byage18.ChildBreceivessustainedannualcontributionsof

$5,000(thecurrentcombinedannualcontributionlimitfromhouseholdsandemployers)

plusthe$1,000federalseed,andcouldaccumulatemorethan$250,000byage18.ChildCreceivesonlythe$1,000federalseedcontribution,andcouldaccumulateroughly$5,600byage18(Exhibit1).9

Exhibit1

Earlyandsustainedcontributionscancompoundintolifetimewealth.

Projectedaccountvaluefor3childrenoveran18-yearperiod,byaccounttype,1$thousand(illustrative)

ChildA

$1,000federal

seedwithan

additionalone-

time$10,000

philanthropicseedinvestment,withnoadditionalsubse-

quentcontributions

ChildB

$1,000federal

seedwithan

additional$5,000annualfamily

contribution

ChildC

$1,000federalseedonly,withnoadditional

contributions

~$256,000

~$61,160

~$5,56018

+$5,000annually

Age,yearssinceinvestment

300

200

100

0

1Modeledoutcomesassumea10%averagereturn,compoundedannuallythroughage18,withnowithdrawals.Thisanalysisisintendedtoillustratepotentialoutcomesunderdi仟erentparticipationandcontributionscenariosanddoesnotassesstherelativemeritsofspecificpolicyapproachesorconstitute

investmentadvice.Actualoutcomeswillvarydependingonwhoparticipates,whocontributesadditionalfunds,andhowcontributionsaredistributed.Source:McKinseyInstituteforEconomicMobilityanalysis

McKinsey&Company

9Modeledoutcomesassumea10percentaverageannualreturn,compoundedannuallythroughage18,withnowithdrawals.

Thisanalysisisintendedtoillustratepotentialoutcomesunderdifferentparticipationandcontributionscenariosanddoesnotassesstherelativemeritsofspecificpolicyapproachesorconstituteinvestmentadvice.

Fromaccesstoassets:Howearly-lifewealthbuildingcanshapeeconomicmobility5

Theroleandpotentialofearly-lifeassetstrategies

ConsistentwiththeUrbanInstitute’sUpwardMobilityFramework,werecognizethateconomicmobilityencompassesthreeinterconnectedcomponents:economicsuccess,dignityand

belonging,andpowerandautonomy.

10

Amongthesedimensions,economicsuccessisclosely

linkedtoahousehold’sabilitytoaccumulateassetsandbuildlong-termfinancialsecurity.

ResearchfromtheMcKinseyInstituteforEconomicMobilitysuggeststhatwealthbuilding

dependsonlong-termassetsthataccumulateandcompoundovertime,near-termfinancial

reservesthatsupportday-to-daystability,andbroadersupportsthathelpfamiliespreserveanduseassetseffectively.

ExistingUSasset-buildingtoolsprovidepartialpathwaysintowealth-buildingsystems,buteachoperateswithdifferentincentivesandconstraints:

—Babybondsarepubliclyfundedaccountsthatprovidechildrenwithaninitialendowmenttosupportlong-termassetaccumulation.Dependingontheprogramdesign,contributionsmaybeuniversalortargetedbasedonhouseholdincomeorwealth.

—529accountsaretax-advantagedsavingsaccountsdesignedforeducationexpenses.Participationandbalancestendtobehigheramonghigher-incomehouseholds.

11

—Custodialaccounts,suchastheUniformGiftstoMinorsActandUniformTransferstoMinorsAct,allowassetstobetransferredtoaminorunderacustodian.Bothenableearlyownershipbutdonotincludetaxadvantagesorstructuredmechanismstosupportbroadparticipation.

—CustodialRothIRAsaretax-advantagedretirementaccountsthatenablelong-term

compoundingbutrequireearnedincome,effectivelyexcludingmostchildrenduringearlychildhood.

Formanylower-wealthhouseholds,participationinlong-termasset-buildingvehiclescanbe

constrainedbymoreimmediatefinancialprioritiessuchashousing,food,transportation,and

emergencyexpenses.Asaresult,participationoftenreflectscompetingdemandsonhouseholdresourcesratherthandifferencesininterestinsavingorinvestingforthefuture.Programdesigncanthereforeplayanimportantroleindeterminingwhocanparticipateandaccumulateassetsovertime.

EvidencefromChildDevelopmentAccounts(CDAs,asset-buildingaccountsestablishedfor

childrenearlyinlife)andrelatedprogramssuggeststhatprogramdesigncanmeaningfully

influenceparticipation,savingsaccumulation,andlong-termwealthoutcomes.TheSEEDfor

OklahomaKids(SEEDOK)experiment—thefirstlarge-scalerandomizedtrialintheUnitedStatestoautomaticallyopenandseed-fund529savingsaccountsfornewborns—foundthatautomaticenrollmentandseedfundingproducednear-universalaccountownershipandabout$1,000

moreinsavingsperchild.A2024UrbanInstitutesimulationprojectedthatbabybondscould

morethandoublemedianwealthforyoungadultsfromlow-incomefamilies.Together,these

findingssuggestthatlong-termdistributionaloutcomesdependnotonlyonaccountaccessbutalsoonwhoparticipates,contributionstructures,andsustainedengagementovertime.

10UpwardMobilityFramework,UrbanInstitute,accessedJune2026.

11GuglielmoBrisceseetal.,Navigatingthecollegeaffordabilitycrisis:Insightsfromcollegesavingsaccounts,NationalBureauofEconomicResearchworkingpapernumber34126,August2025.

Fromaccesstoassets:Howearly-lifewealthbuildingcanshapeeconomicmobility6

Withinthislandscape,Trumpaccountsrepresentanewmechanismforexpandingaccess

tolong-termassetaccumulationatscale.Thecombinationofbirth-basedeligibility,child

ownership,and$1,000inpublicseedcapitalforeligiblechildrenexpandsaccesstolong-termassetaccumulationearlierinlifethanmanyexistingtools,whichtypicallyrequireindividualorfamilycontributionstoestablishanaccount.

Morebroadly,theseaccountscanserveasentrypointsforstackingmultipleformsoflong-termasset-buildingalongsidenear-termsupportandbroaderservicesthathelpfamiliessustain

participation,preserveassets,andtranslateaccountownershipintolong-termeconomicmobilityoutcomes.

Structuralfactorsthatcoulddetermineimpact

Thelong-termimpactof530Aaccountswilllargelydependonhowparticipation,contributions,anddeliverysystemsshapeoutcomesovertime.Threestructuralfactorsmayultimately

determinewhetherassetaccumulationisbroadlydistributedorreinforcesexistingdisparities.

Wealthinequalityanddistributionaloutcomes

Thepotentialimpactofasset-buildingsystemsdependsnotonlyonaccountaccessbutalsoonwhoparticipates,whocontributes,andhowassetscompoundovertime.Early-lifeasset-buildingprogramssuchas530Acreateanopportunityforlower-wealthhouseholdstoaccumulatelong-termassets,butdifferencesinparticipation,contributioncapacity,andsustainedengagement

mayshapehowbroadlythosegainsaredistributed.Inpractice,householdswithgreaterfinancialresourcesarelikelytocontributeconsistentlyandremaininvestedovertime,whilebroader

participationandtargetedcontributionscouldenablelower-wealthhouseholdstoaccumulatemeaningfullong-termassetsandnarrowrelativewealthdisparities.

Evidencefromexistingasset-buildingprogramspointstosimilarpatterns.In529plans,for

example,higher-incomehouseholdscontributemorefrequentlyandathigherlevels,resultingindisproportionatelylargerbalances.Inadditiontohavinggreaterfinancialcapacity,these

householdsoftenhavegreateraccesstofinancialadvice,investmentknowledge,employer-sponsoredsavingsopportunities,andsocialnetworksthatreinforcelong-terminvesting

behaviors.Acrossprograms,unevenparticipationandcontributionpatternstendtoproducewideningdifferencesinoutcomes.

Severalreinforcingdynamicscontributetothisdivergence:

—Contributionasymmetry:Higher-incomehouseholdscontributemoreconsistentlyandathigherlevels.

—Tax-advantagedasymmetry:Higher-incomehouseholdsreceivegreatertaxbenefits

fromcontributionsandtax-deferredgrowth,increasingtheeffectivereturnoneachdollarinvested.

Fromaccesstoassets:Howearly-lifewealthbuildingcanshapeeconomicmobility7

—Returnasymmetry:Householdswithgreaterfinancialflexibilitymaybebetterpositionedtomaintaindiversifiedinvestmentsandremaininvestedthroughperiodsofmarketvolatility,increasingthereturnsearnedovertime.

—Compoundingduration:Lower-incomehouseholdsaremorelikelytointerruptcontributionsorwithdrawfunds,oftenbecauseofacutefinancialneeds,suchasemergencymedical

expenses.

Participationitselfmaybethefirstgatingfactorshapinglong-termoutcomesunderthe530A

program.Accesstoaccountsdoesnotguaranteeaccountawareness,activation,orsustained

engagementovertime,andevidencefromprogramssuchas529plansandCalKIDS(California’sstatewidechildren’ssavingsaccountprogramthatautomaticallyprovidesseed-funded529

collegesavingsaccountstoeligiblestudents)suggeststhatparticipationratesmayvarysignificantlyacrosshouseholds.

Asthescenariosillustrate,thedistributionalimpactof530Aaccountsovertimewilldepend

heavilyonwhoparticipatesandwhocontributes.Householdswithgreaterfinancialresources

aremorelikelytocontributeconsistently,remaininvested,andbenefitfromcompounding.In

practice,higher-contributionscenarioswouldalsolikelyreflectacombinationofhousehold,

employer,philanthropic,andotherthird-partycontributionsratherthanhouseholdresources

alone.Lower-wealthhouseholds,bycontrast,mayrelyprimarilyonthefederalseedcontributionunlessadditionalcapital,outreach,orcontributionsupportsareprovided.

ThissuggeststhatTrumpaccountscouldincreaselong-termassetaccumulationforlower-

wealthhouseholds,whilestillproducingunevengainsacrossthewealthdistribution.In

scenarioswhereparticipationremainsconcentratedamonghigher-wealthhouseholds,the

modeledrelativewealthgapcouldwidenfromroughly299timesto373times.Bycontrast,

broaderparticipationamonglower-wealthhouseholdsnarrowsthemodeledrelativewealth

gaptoroughly143times,whileadditionalphilanthropiccontributionscouldreduceitfurthertoapproximately20times.Eveninscenarioswheretherelativewealthgapnarrows,theabsolutegapmaywidenfromapproximately$1.0millionto$1.3million(Exhibit2).

Exhibit2

Fromaccesstoassets:Howearly-lifewealthbuildingcanshapeeconomicmobility8

Participationdetermineswhether530Aaccountsnarroworwidenwealthdisparities.

Householdassetsunderdi仟erent

participation

¹

scenarios,

/

$9,030

$(illustrative)

$1,036,300

299×

Gap

$3,470

No530Aaccount

$1,292,655

143×

Gap

(baseline)

$1,292,655

373×

$3,470

Gap

530Aaccount,unevenparticipation2

(gapwidens)

Lower-wealth

household

(≤25thpercentile)

Higher-wealth

household(75th–89.9thpercentile)

$1,292,655

20×

Gap

$64,629

530Aaccount,broadparticipation3

(gapremainsextremelylarge)

530Aaccount+philanthropicinvestment4(gapnarrowsbutremainsextremelylarge)

1Wealthgapsaremeasuredashigher-wealthhouseholdassetsdividedbylower-wealthhouseholdassets.Theindividualcompoundingmodelassumesa10%averageannualreturnanda$1,000federalseedcontributionatbirth.Valuesshownin2025dollarscombinerepresentativehouseholdnetworthwithproject-ed530Aaccountbalancesatage18andareintendedtoillustratedirectionale仟ectsratherthanpreciseforecasts.Estimatesassumecontributionsareincre-mental;substitutione仟ectsandcontinuedbaselinewealthaccumulationcouldmateriallya仟ectoutcomes.

²Themodelforunevenparticipationinthisscenarioanalyzesalower-wealthhouseholdthatdoesnotopena530Aaccountandcomparesittoahigher-wealthhouseholdthatfullyparticipatesina530Aaccountbycontributing$5,000annuallyfor18years.

³Themodelforbroadparticipationinthisscenarioanalyzesalower-wealthhouseholdthatreceivesonlythefederalseedcontributionfora530Aaccountandcomparesittoahigher-wealthhouseholdthatfullyparticipatesina530Aaccountbycontributing$5,000annuallyfor18years.

⁴Themodelforphilanthropicinvestmentinthisscenarioanalyzesalower-wealthhouseholdthatreceivesthefederalseedcontribution,plusaone-time$10,000philanthropicseedinvestmentfora530Aaccountandcomparesittoahigher-wealthhouseholdthatfullyparticipatesina530Aaccountbycontributing

$5,000annuallyfor18years.

Source:SurveyofConsumerFinances,FederalReserveBoard,2022;McKinseyInstituteforEconomicMobilityanalysis

McKinsey&Company

Quantifyingtheopportunity

Ifparticipationisbroadandcontributionsaremorewidelydistributed,Trumpaccountscouldgeneratehundredsofbillionsofdollarsinlong-termassetaccumulationforlower-income

childrenoverthenextdecade.Theseestimatesassumethatcontributionsrepresentnetnewdonations,ratherthanreallocatedassetsfromexistingvehicles.

Toestimatethepotentialpopulation-levelimpact,wescaledthosemodeledper-childoutcomesacrossanestimated1.5millionlower-incomechildrenineachannualcohortandextendedthe

analysisacrosstenannualbirthcohorts.Undertheseillustrativescenarios,Trumpaccountscouldgenerateapproximately$80billiontomorethan$900billioninlong-termasset

Fromaccesstoassets:Howearly-lifewealthbuildingcanshapeeconomicmobility9

accumulationforlower-wealthhouseholds,dependingonparticipationrates,contribution

levels,investmentassumptions,andcontinuedfederalseedfundingbeyondtheinitialfour-yeareligibilityperiod(Exhibit3).

However,theseoutcomesarenotguaranteed.Ifparticipationandcontributionsremain

uneven,particularlyifhigher-incomehouseholdsaremorelikelytocontributeconsistently,adisproportionateshareofassetgrowthcouldaccruetofamiliesthatalreadyholdasignificantshareofUSwealth.

Exhibit3

530Aaccountscouldgenerateupto$900billioninassetsacrosstenbirthcohorts.

Projectedtotal530Aaccountvalue,$billion

1,000

800

600

400

200

0

12345678910

Birthcohorts(year1–10)

Highestimate

l$10,000seedcontributionperchild

l$61,159perchildatage18

Mediumestimate

l$5,000seedcontributionperchild

l$33,360perchildatage18

Lowestimate

lNoadditionalcontributionperchild

l$5,560perchildatage18

Source:McKinseyInstituteforEconomicMobilityanalysis

McKinsey&Company

Fromaccesstoassets:Howearly-lifewealthbuildingcanshapeeconomicmobility10

Participationandsustainedengagement

Accountcreationdoesnotguaranteesustainedparticipation.Participationin530Aaccounts

dependsonaseriesofactionsbyfamilies,employers,financialinstitutions,anddonors,includingaccountactivation,ongoingcontributions,andcontinuedengagementovertime.Anypotential

complexityaroundenrollment,contributions,andaccountusecouldreduceparticipation,particularlyamonghouseholdswithfewerresources.

Evidencefromsimilarprogramshighlightsthischallenge.TheUKChildTrustFund—aBritish

savingsprogramthatautomaticallyestablishedinvestmentaccountsfornearlyallchildren

bornbetween2002and2011—achievednear-universalaccountownership.Yetmanyaccountsremainedinactiveorunclaimed,demonstratingthataccessalonedoesnotensuresustained

engagement.

12

Morebroadly,whileautomaticenrollmentcanincreaseaccountownership,contributionrates,andsustainedparticipationvarywidelyacrosshouseholds.

Structuralfactorsshapingparticipationanddistributionaloutcomes

Thecentralquestionisnotwhetherhigher-incomehouseholdswillparticipateandbenefit—

theylikelywill.Thekeyquestioniswhetherlower-wealthhouseholdsparticipatebroadly

enoughtomeaningfullyexpandwealthaccumulationacrossawidershareoffamilies.Evidencefromasset-buildingprogramssuggeststhatthreefactorsareparticularlyimportantin

shapinghowgainsaredistributedovertime:contributionpatterns,participationdesign,andsystemdelivery.

Contributionpatterns

Evidencefrombabybondsandrelatedprogramssuggeststhatmoretargetedcontribution

structuresmayproducemorebalancedoutcomes,particularlywhenstartingassetlevelsare

low.Howadditionalfundingisdistributedthereforeisasimportantashowmuchisdistributed.Broadcontributionsmayincreaseoverallassetaccumulationforhouseholdsalready

positionedtoparticipate,whiletargetedapproachesaremorelikelytoreachchildrenwith

fewerexistingassetsandinfluencehowgainsaredistributedacrosshouseholds.Philanthropy,employers,andotherprivate-sectoractorscaninfluencethesepatternsthroughseed

funding,matchingstructures,andcontributionincentives.Becausedisadvantageisunevenlydistributedgeographically,wherecapitalisdirectedmaybeasimportantashowmuchis

invested(Exhibit4).

12StephenMcKay,LiTian,