Seoul City Partners with Corporations to Support Youth Family Caregivers... From Financial Education to Caregiving Assistance

Agreement with Six Companies Including Lotte Department Store
Financial Education to Help Prepare for the Future
Daily Care Services and Networking Opportunities

Seoul City is joining forces with corporations and organizations to support "youth family caregivers." For these young people caring for family members with mental or physical difficulties, companies plan to provide not only asset-building education but also caregiving assistance.

To this end, on the morning of June 10, Seoul City signed a memorandum of understanding at Seoul City Hall with the Mirae Asset Park Hyeon-joo Foundation, Beautiful Foundation, Lotte Department Store, Hope Friend Kia Community, Hanwha Life, and World Vision to support youth family caregivers.

Attendees at the signing ceremony included Seoul Mayor Oh Sehoon, Mirae Asset Park Hyeon-joo Foundation Chairman Jang Yongseong, Lotte Department Store CEO Jung Junho, Hanwha Life Vice Chairman Yeo Seungjoo, Beautiful Foundation Chairman Han Chanhee, Hope Friend Kia Community Chairman Choi Changnam, and World Vision Chairman Cho Myunghwan.

Through this agreement, the Mirae Asset Park Hyeon-joo Foundation and Beautiful Foundation will invest a total of 200 million won to provide 25 youth family caregivers with 4 million won each in exchange-traded funds (ETFs). In addition, they will offer economic and financial education as well as operational reports to help foster sound asset formation and to strengthen financial capabilities.

Lotte Department Store and Hope Friend Kia Community will invest 400 million won to support the healthy lives of youth family caregivers and their families. They will provide counseling at four Lotte Rejoice psychological counseling centers to 200 youth family caregivers and their families, as well as offer scholarships and support for self-help groups.

Hanwha Life and World Vision will provide daily care services such as remote cleaning and laundry to help alleviate the caregiving burden for youth family caregivers. World Vision, which currently supports 2,515 youth family caregivers, will share information with Seoul City so that applicants can receive all available support from both organizations by applying to either Seoul City or World Vision.

The signing ceremony was hosted by announcer Lee Jubin, herself a youth family caregiver who continues her career as a freelance broadcaster while caring for her ailing father, adding significance to the event. Despite her busy broadcasting schedule, Lee Jubin actively participates in "Young Chemi," a network for youth family caregivers operated by Seoul City.

After finalizing the details and eligibility criteria for each support program with the participating organizations, Seoul City plans to begin accepting applications for support sequentially from mid-June through the Seoul Welfare Foundation’s Family Care Support Team. Youth family caregivers can obtain necessary information and apply for services tailored to their caregiving type and household situation via the welfare portal website and KakaoTalk channel.

Meanwhile, since August 2023, Seoul City has been signing agreements with various public and private institutions to support youth family caregivers with housing, medical, and livelihood assistance. As of the end of April this year, the city has provided a total of 2,191 cases of support, including irregular and ad-hoc assistance to 522 youth family caregivers.

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