Leading Maltese Financial Coach Proposed National Child Trust Fund Last Month
Alex Borg has got people talking about whether a national child trust fund is the way to go to give people an early boost upon reaching adulthood.
However, he isn’t the first person on the local scene to come up with such an idea.
Leading financial coach Patrick DeBattista issued a strikingly similar proposal last month as part of a three-way plan to help boost the European economy.
“Imagine every European citizen starting with a €5,000 ETF portfolio locked for 21 years,” he said. “This would cost less than the COVID measures ever did and could transform our pension system.”
His two other proposals involved teaching financial literacy and ending the policy of tripling social security contributions once salaries exceed €28,303.
DeBattista welcomed Borg’s proposal, with a caveat.
“It’s a step in the right direction, but it needs to be led by qualified, independent and professional investment experts, not by politicians or people who don’t understand investing,” he said.
According to Borg’s proposal, the initial €5,000 fund will be overseen by a board of trustees composed of representatives from the Ministry for Finance, Ministry for Social Policy and Children’s Rights, Central Bank of Malta, civil society, and financial experts.
Cover photo: Left: Alex Borg, Right: Patrick DeBattista
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