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Rep. Roger Williams: child savings accounts could teach kids "the value of a dollar" and build future net worth
Summary
Rep. Roger Williams told a national morning program that proposed child savings accounts—described on-air as allowing up to $5,000 per year—could teach children financial literacy, grow personal net worth for future entrepreneurs, and potentially supplement retirement systems, though he said backup protections would be needed.
Rep. Roger Williams (R-Tex.) told a national morning broadcast that accounts allowing parents to contribute up to $5,000 per year for a child's long-term savings would teach young people financial responsibility and help create future net worth.
"It's gonna teach them the one thing it's gonna do is teach them the value of a dollar," Williams said, describing the accounts as a way to encourage saving, entrepreneurship and higher-education opportunities over an 18-year horizon.
The host noted on-air that, by contributing $5,000 a year, a child could accumulate a substantial nest egg by age 18 (the host characterized it as nearly $1 million in the segment). Williams did not provide an on-air estimate of total returns; he emphasized the program's potential to spur small businesses over time and urged oversight and business involvement.
Asked whether such accounts could address projected Social Security shortfalls that the host said could occur in about "7 or 8 years," Williams said privately owned accounts could help but stressed the need for backup protections: "if we let people own their own accounts and spend their own money, I think you're gonna see a lot of investment rather than going elsewhere. But we have to have a backup."
Williams also referenced the importance of Small Business Administration involvement in promoting entrepreneurship and said he welcomed the plan's potential to pair job creation with wealth building for families. The interview did not announce any specific legislative text, nor did Williams describe a House vote or formal committee action during the segment.
