Carlton Supporters Club

its right to be cynical.  Those accounts will fuel the stock market, but it will be a boon to people.  I had the benefit of a family with strong ideals on been miserly with money.  We spent infrequently, but enjoyed our lives.  Mum encouraged banking and introduced me to it in when I was sub 8 years old.  This account will do this for people that potentially dont do this.  Its not bad at all, in fact its dead set great particularly as it is the only thing resembling a reverse pension where the populace pay taxes into the next generation, not just borrowing money against them.

Even a broken clock is right twice a day.

Trump Accounts lol. Another piece of political theater. Prices for everything are skyrocketing and wages are in the toilet. Education, healthcare cost of living is sending record numbers into debt, but a few shekels rotting in a bank account will undoubtedly help.

One hand gives f#4k all, and the other hand takes massively.

While Australia is bucking the trend of falling interest rates in major nations and raising rates Donald Trump has launched "Trump Accounts". What is it and how does it work?..glad you asked...

Every newborn in the USA will receive US$1,000 from the government, deposited into an investment account, with parents acting as custodians until age 18 (all children under 18 can still establish accounts)
The money is mandated to be invested in US equity ETFs or index funds.
Families, employers and charities can contribute up to US$5,000 per year
Accounts are locked until age 18, at which point funds can be used to buy a home, pay for education, or continue saving for retirement.
Access to the money may be linked to financial literacy requirements.

Now Im not normally a fan of anything Trump says or does but this isnt a bad idea imo. Taking into account inflation and to make the amount of money significant it will require extra contributions every year but it does have merit in encouraging saving and learning about investments and might get a proportion of the population interested enough to participate in a meaningful manner.

Didn't we fundamentally have such a thing years ago in primary school with the old CBA bank books?

At least once a week we'd all have to bring in our bank books and have the teacher bundle them up with some pennies to deposit as a learned savings scheme.

I can't see how that would work now, if it's online it'll be a target scheme for hackers, millions of less secure low value accounts that banks do not give a stuff about.

At first glance the idea has merits.

"access to the money may be linked to financial literacy requirements..."

What's that mean?

While Australia is bucking the trend of falling interest rates in major nations and raising rates Donald Trump has launched "Trump Accounts". What is it and how does it work?..glad you asked...

Every newborn in the USA will receive US$1,000 from the government, deposited into an investment account, with parents acting as custodians until age 18 (all children under 18 can still establish accounts)
The money is mandated to be invested in US equity ETFs or index funds.
Families, employers and charities can contribute up to US$5,000 per year
Accounts are locked until age 18, at which point funds can be used to buy a home, pay for education, or continue saving for retirement.
Access to the money may be linked to financial literacy requirements.

Now Im not normally a fan of anything Trump says or does but this isnt a bad idea imo. Taking into account inflation and to make the amount of money significant it will require extra contributions every year but it does have merit in encouraging saving and learning about investments and might get a proportion of the population interested enough to participate in a meaningful manner.