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  • Seoul Launches “Youth Bankbook Program”

  • Welfare, Health & Security News SMG 4353

    Double the savings, Triple the hope

    Seoul metropolitan city recruits 1,000 young individuals for Double-hope Youth Bankbook Program (hereby youth bankbook). Initiated last year, the program aims to support young adults in seeking their dreams and preparing for their future.

    Until 2018, Seoul city will annually recruit 1000 individuals: 500 in the first half of the year, and the remaining 500 in the second half of the year. For this first half, the city will announce the official recruitment notice within March, and select the final applicants within June this year to make a contract for the program.

    The Seoul city was the first among all cities in Korea to initiate the youth bankbook in 2015. The requirements for the program are as follows: first, monthly income of the applicant should be the same or less than 2 million won; second, income of his/her parents should be the same or less than 80% of the standard median income and third, the age of the applicant should be from 18 to 33.

    Once selected, individuals are required to save either fifty, one hundred or fifteen hundred thousand won per month for 2 or 3 years, and the government will accumulate additional savings by the matching rate of 1:0.5 with civilian donation. The total savings of the individual can be used later for his/her marriage, education, business, housing, etc.

    Especially, starting this year, Seoul metropolitan city government not only supports its program members in their savings management but also focuses on the promotion of 3-step individualized case management for further self-development and independence through planning their future and financial support.

    Step one is a process to enlighten the self-independency. Young individuals will be provided with seminars on life goals and special lectures on successful investment techniques to set their life goals.
    Step two is a process to strengthen capability of self-independence. Individuals will be provided with opportunities of learning tips on managing asset and credit and financial design through basic education on savings and finance and one-to-one finance consulting.

    The last step is a process of connecting independence and development. Associated with Social Solidarity Bank, Seoul Business Agency (SBA), and Seoul City Job Plus Center, programs and education on establishing business will be offered.

    Seoul metropolitan city plans to continue the interest and support towards young adults in their fulfillment of goals by providing such phased and concentrated case management programs, along with offering monthly savings monitoring.


    ☎ Contact: +82-2-2133-7380 (Hope Welfare Office)