Facilitating the financial independence of young people in Greece

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. Youth employment and unemployment rates remain comparatively weak, and wages lag EU-OECD levels, with a larger share of young workers concentrated in seasonal, tourism-related roles and facing a mismatch between their skills and labour market needs. Social vulnerability among young people is 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.

The technical support delivered an analysis of the main challenges faced by young people in Greece to achieve financial autonomy and an assessment of the key policies in place to support young people, including: 1) skills and training policies, 2) youth entrepreneurship policies; 3) income and employment support policies; 4) housing policies for young people, and 5) family policies. Building on this assessment, as well as on OECD/EU good practices for encouraging young people’s earlier financial independence, the project provided targeted recommendations to strengthen the youth-related components within the National Action Plan for Demography.

The project also developed a dedicated Action Plan for the implementation of youth-related actions within the National Action Plan for Demography, including its Monitoring & Evaluation Framework.

The technical support equipped 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.