More than half of the applicants who were denied entry into the Youth Future Savings program faced issues related to family consent. This raises concerns about the need for improvements to align with the program's goal of supporting long-term asset formation for young people.
On October 1, Jeon Hyun-hee, a member of the National Assembly's Legislative Committee, revealed data from the Financial Services Agency indicating that out of 796,000 applicants who were disqualified from the Youth Future Savings program, 378,000 (47.4%) were denied due to 'lack of family consent.' Including the 31,000 (3.9%) who were disqualified for 'unable to confirm family members,' this means that 409,000, or 51.3% of all disqualified applicants, faced issues related to family members rather than the applicants themselves.
To verify the income requirements for families during the application process, consent to check the income of family members listed on the resident registration is mandatory. However, many young applicants are unable to proceed with their applications due to a lack of cooperation from their families. A total of 808 complaints related to eligibility, assessment, and procedures have been filed with the Financial Services Agency.
Jeon stated, "Since more than half of the applicants who were denied entry into the Youth Future Savings program did not pass the assessment due to family consent and verification issues, it is necessary to check whether the related procedures are being operated smoothly."
She emphasized, "To uphold the purpose of supporting young people's asset formation, we need to improve the application process and guidance system, ensuring that more young people can benefit from the program."
Meanwhile, among the 1,547,000 applicants who passed the assessment for the Youth Future Savings program, 10.5%, or 162,000, did not open an account. The Financial Services Agency explained that the reasons for non-enrollment among approved applicants are not being investigated separately.
On October 1, Jeon Hyun-hee, a member of the National Assembly's Legislative Committee, revealed data from the Financial Services Agency indicating that out of 796,000 applicants who were disqualified from the Youth Future Savings program, 378,000 (47.4%) were denied due to 'lack of family consent.' Including the 31,000 (3.9%) who were disqualified for 'unable to confirm family members,' this means that 409,000, or 51.3% of all disqualified applicants, faced issues related to family members rather than the applicants themselves.
To verify the income requirements for families during the application process, consent to check the income of family members listed on the resident registration is mandatory. However, many young applicants are unable to proceed with their applications due to a lack of cooperation from their families. A total of 808 complaints related to eligibility, assessment, and procedures have been filed with the Financial Services Agency.
Jeon stated, "Since more than half of the applicants who were denied entry into the Youth Future Savings program did not pass the assessment due to family consent and verification issues, it is necessary to check whether the related procedures are being operated smoothly."
She emphasized, "To uphold the purpose of supporting young people's asset formation, we need to improve the application process and guidance system, ensuring that more young people can benefit from the program."
Meanwhile, among the 1,547,000 applicants who passed the assessment for the Youth Future Savings program, 10.5%, or 162,000, did not open an account. The Financial Services Agency explained that the reasons for non-enrollment among approved applicants are not being investigated separately.
* This article has been translated by AI.
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