Newborn fund, possible regressive effects: this is how the United Kingdom favored lower incomes

One hundred euros a year from the State, for eighteen years, in an account in the name of every child born from 2027. It is the "Value of new born" fund envisaged by the budget, which the Bank of Italy, in the hearing on the budget bill, judges to be in line with the objective of promoting savings, but with a risk: it above all benefits families who can afford to save.

The fund will be established at INPS from 1 January 2027 and financial management will be entrusted to Cassa Depositi e Prestiti. In addition to the public contribution, parents and relatives will be able to pay up to 1,000 euros a year each, with an IRPEF deduction of 19 percent. The cost to public finances, almost nil in 2027, would gradually rise to 0.7 billion per year when fully operational, and will also depend on how many family members make payments. Implementation methods, management criteria and redemption hypotheses are deferred to a decree of the Ministry of Labour, in agreement with the Mef, after consulting INPS, Bank of Italy and Covip.

For Via Nazionale, promoting savings is "a priority need" for the country, also to integrate the public pension in the future, and starting early allows you to exploit the capitalization of returns for longer: initiatives like this are therefore "shareable", as long as they are accompanied by a commitment to financial education.

Two aspects of the design, however, require "careful evaluation". The deduction could push families to move existing savings into the fund, without increasing their total. And the measure could have "regressive effects": low-income families have a lower ability to save and therefore less possibility of taking advantage of the relief on voluntary payments.

The hearing compares the fund with similar initiatives abroad. In the United States, Trump Accounts have been active since 1 October 2026: for those born between 2025 and 2028 there is a one-off federal contribution of 1,000 dollars, invested in US stock index funds; the Treasury opened the accounts automatically, but activation by the parent is required to manage them.