Kyriakos Pierrakakis details ‘Piggy Bank for the New Generation’ initiative

Kyriakos Pierrakakis, the Greek Minister of National Economy and Finance, has detailed the mechanics of the ‘Piggy Bank for the New Generation’ initiative via social media. The program is designed as a specialized investment account rather than a standard savings account, intended to build capital for children by the age of 18. Parents or grandparents can open these accounts within the first two years of a child's life.

A central feature of the initiative is a 1:1 state matching contribution, where the government provides one euro for every one euro deposited by a private individual. The annual state contribution limit starts at 1,200 euros but is set to increase by 10% every five years to ensure the program's dynamic growth.

Ministry projections suggest that if a family maximizes contributions over 18 years, the total state contribution could reach 24,652 euros. Combined with private deposits, the total capital could reach 49,304 euros. Due to the long-term investment nature of the products, the final available amount for the child is estimated to potentially exceed 60,000 euros.