Youth Hope Savings, All Eligible to Join if Requirements Met by Next Month 4th
[Asia Economy Reporter Song Hwajeong] All young people who meet the eligibility requirements can join the Youth Hope Savings by February 4th.
According to the Financial Services Commission on the 22nd, the government reviewed and approved the operation plan for the Youth Hope Savings at the Cabinet meeting that day. Accordingly, all eligible youth can join by February 4th. During the first week of launch, from January 21st to 25th, a 5-day rotation system will be operated, allowing sign-ups based on birth year, and during the second week (February 28th to March 4th), sign-ups will be available during business hours. February 1st is not a business day, so applications will not be accepted.
Earlier, on the 21st, the National Assembly also approved the supplementary budget through bipartisan agreement, urging the implementation of necessary measures such as expanding the support target to sufficiently meet the demand for the Youth Hope Savings.
A Financial Services Commission official explained, "The usage performance of the Youth Hope Savings preview service from January 9th to 18th and the subscription performance on the first day of enrollment, the 21st, exceeded expectations," adding, "The increase in demand for Youth Hope Savings appears to be due to changes in economic conditions such as the recent rise in market interest rates."
The Financial Services Commission plans to review whether to resume additional operations in consideration of future subscription demand.
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This year's budget for the Youth Hope Savings program is 45.6 billion KRW, which can support 380,000 subscribers if all join with the monthly payment limit of 500,000 KRW. The preview service for Youth Hope Savings attracted about 2 million inquiries (including duplicates) at the five major commercial banks alone, and on the first day of application, the 21st, some banks' apps experienced access failures due to the surge in applications, prompting the government to expand operations.
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