Fewer Hungarians Open Baby Bond Accounts
- 8 Feb 2016 2:00 AM
The number of Start accounts necessary to become eligible for “baby bonds” opened by Hungarians dropped to about 23,000 last year from 37,200 in 2014, business daily Világgazdaság said In January of this year, Start accounts were opened for just 2,021 of the 7,362 newborn Hungarians.
The State Treasury explains the decline with a lack of advertising, though it does disseminate information on the baby bonds at some events, notably baby clothing sales.
Since 2006, the Hungarian State Treasury has made available the 42,500 forint (EUR 137) start-of-life subsidy available to all Hungarian-born citizens who reside in the country. Parents may contribute to the bond until their children turn 18.
The Treasury took over exclusive management of the subsidy in October 2012. Earlier, the accounts could be opened at banks and savings cooperatives as well as at the state treasury.
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