Gyeonggi-do to Provide 'Credit and Financial Education' for Financially Vulnerable Groups Starting May

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province will conduct credit and financial education starting in May to support the economic recovery of financially vulnerable groups within the province.

On the 27th, Gyeonggi Province announced that it will sign a "Business Agreement to Support Financially Vulnerable Groups" in writing on the 28th with the Credit Recovery Committee and the Gyeonggi Welfare Foundation, containing these details.

According to this agreement, professional instructors from the Credit Recovery Committee will provide education on life financial planning, rational consumption and savings, debt management methods, credit management methods, and prevention of financial fraud to financially vulnerable groups in the province.

The education will be divided mainly into two types: "Visiting Education" and "Education for Users of Gyeonggi Ultra-Low Credit Loans."

First, the province will conduct credit and financial education by visiting elementary, middle, high schools, universities, and welfare organizations in connection with 19 Community Financial Welfare Support Centers across the province. Visiting education focused on low-credit and low-income individuals will also be conducted in conjunction with the Community Financial Welfare Support Center projects.

Additionally, to enhance the credit and debt management abilities of Gyeonggi Ultra-Low Credit Loan users, credit education will be made mandatory before loan execution, and customized education programs covering everything from credit management to prevention and response to financial fraud will be provided.

The province has selected approximately 19,000 applicants as the first group of education recipients this year. The education will be conducted online.

The Gyeonggi Ultra-Low Credit Loan project targets low-credit residents aged 19 and older who cannot obtain loans from formal financial institutions due to low credit scores. After screening, loans of up to 3 million KRW are provided at a low interest rate of 1% per annum with a 5-year maturity.

The province and the Credit Recovery Committee will prepare detailed lecture content and begin education in May.

The province will also independently develop practical, customized Gyeonggi Province-style credit and financial education content reflecting the circumstances of the education recipients, to be promoted alongside the Credit Recovery Committee’s curriculum.

A provincial official stated, "Under the judgment that credit and financial education is urgently needed to stabilize the lives of financially vulnerable groups and to manage the debt quality of young people whose small debts are increasing, we have collaborated with the Credit Recovery Committee for the first time among local governments nationwide. We will do our best to strengthen the credit and financial management capabilities of low-credit and low-income vulnerable groups and to prevent credit problems in advance and support economic recovery."

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