Koh Seung-beom, Financial Services Commission Chairman, "Actively Support Youth Financial Asset Formation"

The 2nd Meeting of the Youth Subcommittee of the Financial Development Council Held

The second meeting between the Youth Subcommittee of the Financial Development Council 'Geumbalsim Futures' members and Financial Services Commission employees born in the 1990s was held on the 14th at the Government Seoul Office in Jongno-gu, Seoul, where Financial Services Commission Chairman Ko Seung-beom is delivering opening remarks.

[Asia Economy Reporter Kim Jin-ho] Ko Seung-beom, Chairman of the Financial Services Commission, stated on the 14th, "We will continue efforts to diversify customized financial products that help young people build assets."

Chairman Ko made these remarks during his opening speech at the 2nd meeting of the Youth Subcommittee of the Financial Development Deliberation Council, an advisory body on financial policy under the FSC. The meeting was attended by members of the Youth Subcommittee and FSC young employees born in the 1990s.

Regarding the meeting’s theme, "The necessity of youth finance and the direction of youth financial policy," Chairman Ko first said, "The youth period is an important time when economic agents can begin asset formation," adding, "We will support young people to accumulate their potential through savings and investments."

Specifically, he mentioned the Youth Hope Savings and Youth Income Deduction Long-term Fund, which are planned to be launched next year, emphasizing, "If financial support has so far been focused only on loan accessibility, we will now continue efforts to diversify customized financial products for asset formation."

He also stated that to support the realization of potential, "We will provide support such as connecting investors and companies so that hopeful youth can secure promising jobs in entrepreneurship and employment," and "We will strive to eliminate blind spots in financial support tailored to the unique characteristics of youth groups."

He promised to strengthen continuous communication as well, saying, "Let us consider ways for more young people to directly participate and provide opinions on youth finance in the future."

At the meeting, youth special committee members and young employees emphasized the need for active support for asset formation.

One member said, "Even if we want to invest stably, the interest or returns are too low," adding, "Active support is needed so that more stable investment options can be chosen." Another member said, "The job situation is difficult, so there is not much capacity for savings or investment," urging, "Please play an active financial role in supporting youth entrepreneurship and jobs."

Additionally, opinions were raised that careful consideration is needed in loan support when large funds are required for housing purchase or marriage.

In response, the FSC stated that it will fully reflect the collected opinions to further specify the direction of youth finance promotion and improve related policies and systems going forward.

This content was produced with the assistance of AI translation services.