South Korea to double youth support budget to 2.1 trillion won

Financial Services Commission Chairman Lee Eok-won announced plans to more than double the youth support budget to approximately 2.1 trillion won for the upcoming year. The initiative aims to strengthen support in the areas of asset formation, employment, and housing.

Key programs include the ‘Our Child Independence Fund’ to help build seed money from birth to age 18, and the expansion of the ‘Youth Future Savings’ program to include all young people with increased government contributions. To assist with employment and entrepreneurship, the ‘Youth Opportunity Fund’ will provide low-interest loans of up to 5 million won per instance, with interest payment exemptions for up to eight years during job preparation periods.

Additionally, the commission plans to support housing through the ‘Youth Future Bogeumjari Loan’ and low-interest monthly rent/deposit support. To ensure policies meet actual needs, a youth financial policy advisory group will be established to involve young people in the planning, execution, and evaluation of these programs.