According to the Financial Services Commission, as of 1 p.m. on June 26, the number of applicants for the Youth Future Savings program, which launched on June 22, reached 1,012,000. In contrast, it took over a month for the Youth Leap Account to reach 100,000 applicants.
The Youth Future Savings program is a three-year, flexible savings product available to individuals aged 19 to 34. Participants can contribute up to 500,000 won per month, with the government providing a contribution of 6% for the standard plan and 12% for the preferential plan, along with tax exemptions on interest income. When factoring in the interest rate, government contributions, and tax benefits, the effective interest rates are comparable to single-rate savings products yielding 13.2% to 14.4% for the standard plan and 18.2% to 19.4% for the preferential plan.
During the first five business days from June 22 to June 26, the program is operating under a birth year-based system. Starting June 29 through July 3, anyone can apply regardless of their birth year. After income verification from July 6 to July 24, account creation and contributions will begin on July 27 for a two-week period.
The Financial Services Commission and the Korea Inclusive Finance Agency plan to ensure that all eligible youth who meet the application criteria can enroll. This initiative follows a directive from President Lee Jae-myung during a Cabinet meeting on June 23, where he stated, "Let’s ensure that anyone who applies within the two-week period and meets the criteria is accommodated, even if it requires additional budget allocation."
* This article has been translated by AI.
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