Candidate Shin Sangjin: "KRW 1 Million Life Seed Money for Every Newborn in Seongnam"

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“A Leading Model for Designing Future Generations’ Assets Beyond Simple Welfare”

Shin Sangjin, the People Power Party candidate for mayor of Seongnam, announced on May 7 the launch of the “Life Seed Money Project” as his first key pledge for the June 3 local elections, aimed at providing newborns in Seongnam with a financial foundation for their future.

Candidate Shin emphasized, “In an era where asset polarization and income imbalance are deepening, it is the responsibility of adults to guarantee all children at least a fair starting line,” adding, “I will ensure that every child born in Seongnam receives seed money that will serve as a foundation for their lives.”

Shin Sangjin, the People Power Party candidate for mayor of Seongnam, announced on the 7th the promotion of the "Life Seed Money Project," which provides newborns in Seongnam with the foundation for life, as the first key pledge for the June 3 local elections. Photo provided by candidate Shin Sangjin

KRW 1 million per newborn... Long-term investment until age 18

This pledge represents a paradigm shift from traditional welfare, which simply provides and consumes cash, to “investment-type welfare,” where the public sector takes the lead in directly building assets for future generations.

The “Life Seed Money” project targets all newborns born in Seongnam.

Under the plan, Seongnam City will open an account for each newborn with KRW 1 million in seed money. The funds will be invested in ETFs focused on leading tech companies in Seongnam and in high-quality domestic and global indices, with long-term management until the child reaches 18 years old, at which point the assets can be withdrawn upon coming of age. The key is to maximize asset growth by using a long-term investment approach, rather than simply providing cash.

Assuming approximately 5,000 newborns in Seongnam in 2025, the total annual budget required is estimated at about KRW 5 billion, a level that is manageable given Seongnam's debt-free fiscal condition.

Shin pledged to quickly establish the institutional foundation in the ninth term of local government by revising the “Ordinance on Childbirth Promotion Support in Seongnam,” developing ETF products, and selecting specialized asset managers.

This project is designed so that investment funds stay within the local economy and are primarily managed around innovative companies in Seongnam. It is expected to deliver a triple benefit: providing local businesses with a stable investment base to enhance competitiveness, helping citizens build assets, and revitalizing the regional economy.

'Trump Accounts' Policy Also Proposed in the United States

Similar policies are being considered abroad. In the United States, there is a proposal to provide every newborn with USD 1,000 to be invested long-term, in what are called “Trump Accounts.” The goal is for children to accumulate at least USD 500,000 by retirement, and some analyses suggest that with additional contributions from parents, relatives, or charities, the fund could reach USD 1 million by age 28.

Candidate Shin stated, “If the United States can do it, why can’t we?” He emphasized, “The Seongnam-style Life Seed Money Project is not just about welfare—it is a policy to design future generations’ assets and will become a leading model in line with global trends.”

He further argued, “By providing asset-building opportunities from birth, this project can ease the sense of relative deprivation among young people and ultimately serve as a social safety net that leads to a balanced society without debates about privilege or disadvantage.”

Shin concluded, “Seongnam must go beyond being a city that simply provides welfare to one that takes responsibility for its citizens’ future assets. I will ensure that from the moment a child is born, they can envision their dreams without asset discrimination by fully implementing the Life Seed Money Project.”

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