Second Application Round for Youth Future Savings Runs October 7–16

The 'Youth Future Savings' policy financial product, designed to help young people build lump-sum savings, will begin its second recruitment round in October. According to the Financial Services Commission and the Korea Inclusive Finance Agency, applications for the second round will be accepted from October 7 to 16, and those who pass the eligibility screening can open actual accounts starting November 16.

This round will also reinstate a procedure allowing existing Youth Leap Account holders to transfer to Youth Future Savings.

What Is Youth Future Savings? Free Deposits for Three Years, Government Contributions and Tax Benefits

Youth Future Savings is an asset-building support product designed to allow participants to deposit money freely for three years while receiving government contributions and tax-exemption benefits. Monthly deposits can range from a minimum of 1,000 won to a maximum of 500,000 won, and the government provides contributions at a certain ratio based on the participant's deposits.

Eligibility: Ages 19 to 34, Income Requirements Must Be Met

Applicants must be aged 19 to 34. For this round, those born between November 17, 1991 and November 27, 2007 meet the age requirement. For those who served in the military, up to six years of service can be excluded from the age calculation.

Income and household criteria also apply. Eligible applicants are either workers with total annual wages of 75 million won or less, or small business owners with annual revenue of 300 million won or less, and must have household income at or below 200% of the median income.

Application Schedule: Odd-Even System by Birth Year on First Two Days

On the first two days of the application period, acceptance dates are divided by birth year. On October 7 and 8, an odd-even system based on the final digit of the birth year will be in effect, while from October 12 to 16, anyone can apply regardless of birth year.

Submitting an application does not immediately create an account. Eligibility screening will take place from October 19 to November 13, and results will be sent individually to applicants. Youth judged eligible can open accounts through participating institutions from November 16 to 27.

Conversion Procedure Available for Youth Leap Account Holders

A notable feature of this round is the conversion opportunity for Youth Leap Account holders. Youth maintaining Youth Leap Accounts can also apply and undergo screening for Youth Future Savings, and upon receiving notification of eligibility, open a Youth Future Savings account. The procedure then proceeds with a special mid-term cancellation of the Youth Leap Account for the purpose of joining Youth Future Savings.

2027 Budget Proposal Includes Expanded Contributions, Contingent on National Assembly Deliberation

The government contribution system may see changes ahead. The 2027 government budget proposal includes expanding Youth Future Savings eligibility and raising the government contribution ratio for the preferential type. If the proposal passes National Assembly deliberation and is finalized, the government's policy is to retroactively apply the increased preferential contributions to existing participants as well.

Under the government's proposed reform plan, the preferential matching ratio is 15%, and 25% for those working at small and medium enterprises in non-metropolitan areas. However, since this is contingent on the National Assembly's budget deliberation and approval, it should be distinguished from currently confirmed benefits.

Screening Method Also Revised, Preliminary Results Notified First

The screening method for enrollment will also be improved. In particular, for the SME preferential type, applicants will directly indicate their SME employment status at the application stage, and the Korea Inclusive Finance Agency will verify this using information from sources such as Korea Evaluation Data (KoDATA).

Preliminary screening results will also be provided to applicants before the final results are announced. This measure allows applicants to clarify relevant details if facts differ during verification or if additional explanation is needed.

Detailed application procedures and Youth Leap Account conversion methods will be announced before the second application round opens. Eligibility requirements can be checked on the official Youth Future Savings information page, and inquiries can also be made through the Korea Inclusive Finance Agency call center at 1397.

[Policy and program details may change depending on future National Assembly deliberation of the budget proposal and decisions by relevant authorities. Before enrolling, it is necessary to check the latest official announcements from the Financial Services Commission and the Korea Inclusive Finance Agency. This article was written based on publicly available government materials, with AI used for parts of the text editing.]