Young people receive financial consultations at a Youth Future Savings Account advisory booth set up in a building in Seongdong-gu, Seoul, on June 22. [Herald DB]
Young people receive financial consultations at a Youth Future Savings Account advisory booth set up in a building in Seongdong-gu, Seoul, on June 22. [Herald DB]

Final enrollment figures for the Youth Future Savings Account — a product offering an effective annual return of up to 19 percent — have come in at about 2.343 million applicants.

The Financial Services Commission and the Korea Inclusive Finance Agency said about 2.343 million people applied during the enrollment period, which ran from June 22 through July 3.

Of those, about 80,000 applied as self-employed small-business owners. By age group, those between 30 and 34 accounted for the largest share at 38.8 percent, followed by the 25–29 age group at 36.5 percent and the 19–24 group at 24.7 percent.

Launched on June 22, the Youth Future Savings Account is a three-year savings product open to Koreans between the ages of 19 and 34, allowing monthly deposits of up to 500,000 won ($325) at the depositor's discretion. When government contributions and a tax exemption on interest income are added on top of the base interest rate, the effective annual return can reach as high as 19 percent.

A three-week eligibility review begins Monday, with results to be sent individually to applicants on July 24.

Those who pass the review may open accounts from July 27 through Aug. 7. After opening an account, holders may deposit any amount between 1,000 won and 500,000 won each month.

Detailed information on the Youth Future Savings Account is available through the product's official webpage or the Korea Inclusive Finance Agency's youth finance call center.


ehkim@heraldcorp.com