270,000 Youth Leap Account Applications in July... Cumulative Total Reaches 1.03 Million

The number of applications for the Youth Leap Account, established to help young people build assets, reached approximately 270,000 in July.

According to the Financial Services Commission on the 14th, the number of applicants for the Youth Leap Account from the 3rd of this month until 2 p.m. on the same day was tentatively counted at 275,000.

On the 15th, the day the 'Youth Leap Account,' which allows you to save up to 50 million won by depositing 700,000 won monthly for five years, was launched, counselors at the Youth Leap Account Non-face-to-face Consultation Center in Jung-gu, Seoul, were providing consultations. Photo by Kang Jin-hyung aymsdream@

Accordingly, the cumulative number of applicants, excluding duplicates, increased to about 1,036,000. Previously, about 761,000 people applied last month.

Starting this month, eligibility for enrollment will be verified based on individual and household income for 2022, as income for the previous tax period (January to December 2022) has been finalized. Applicants confirmed as eligible can open accounts from the 7th to the 18th of next month.

The Youth Leap Account can be applied for monthly, and next month’s application period will be from the 1st to the 11th.

Meanwhile, among the 761,000 applicants from last month, 653,000 completed the eligibility verification process. Of these, 127,000 did not meet the individual income requirements, and 133,000 did not meet the household income requirements. Among those who did not meet the criteria, 156,000 reapplied this month.

Among those who were informed that they were eligible to open accounts after the verification process, 177,000 opened accounts within 10 to 13 days. Users who did not open accounts within the available period (until July 21) must reapply for enrollment later.

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