Facilitating the financial independence of young people in Greece

The Commission is supporting the Greek Ministry of Social Cohesion and Family Affairs to develop an Action Plan for the implementation of youth-related actions within the National Strategy for Demography. These actions will aim to promote the financial independence of youth by facilitating the transition to the labour market, enabling access to social support, and enabling young people to start a family if they so wish, at a time of their choosing. This project is funded by the European Union via the Technical Support Instrument and implemented by the OECD, in cooperation with the European Commission’s Directorate General for Structural Reform Support (DG REFORM).

Context 

Economic insecurity and hardship, coupled with the traditionally late entry into the labour force, narrow the prospects of young people in Greece to become economically independent. Greece has the second lowest employment rate among 15–29-year-olds in the OECD, at 35% in 2023 compared to an OECD average of 55%. Unemployment and social vulnerability among young people are widespread, with more than one in every four 15‑29-year-olds at risk of poverty (highest share in the EU). More than three quarters of young people aged 20-29 live with their parents (second largest share in the OECD) and many wait to have children – women in Greece have their first child on average at age 32. In light of this, Greece is seeking to identify the root causes of the challenges faced by youth and draw up an Action Plan to remedy them. 

Support to be delivered

The technical support will be delivered through an analysis of issues and policies affecting the financial autonomy of young people, including family, social protection, housing, and labour market entry, including entrepreneurship. Building on this assessment, as well as on OECD/EU good practices for encouraging young people’s earlier financial independence, the project will provide recommendations to strengthen the youth-related components within the National Strategy for Demography. 

The project will also develop an Action Plan to achieve the objectives of youth financial independence set in the National Strategy for Demography, including its Monitoring & Evaluation Framework.

Expected results 

The technical support is expected to equip the Greek authorities with a dedicated action plan to promote young people’s earlier financial independence and family formation.  

Ultimately, the expected long-term effects of the project are better labour market integration, better social support and financial independence overall among young people.