From January 1, 2024, a savings account will be opened for every Kazakhstani under the age of 18. Fifty per cent of the investment income of the National Fund will be allocated annually.

The National Fund will be used for two specific purposes aimed at education and improving housing conditions. Once the child turns 18, the funds in the account are retained for 10 years. If the citizen has not used the funds during this time, the money collected is transferred to the pension account.

According to the Ministry of Finance, the child collects $3,500 until he or she reaches the age of majority. On average, $150 to $160 is received annually. According to official data, there are currently about 6.7 million children under the age of 18 in the country. It is worth noting that in his Address to the people of Kazakhstan on 1 September 2022, the head of state proposed to implement the project "National Fund for Children".

This project is the first step to ensure that the younger generation has a clear direction in adulthood.

Photo: from an open source