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

The Financial Services Commission announced Monday that 1.385 million people have enrolled in the Youth Future Savings plan.

The plan is a three-year flexible savings product open to people aged 19 to 34, allowing monthly deposits ranging from 1,000 won to a maximum of 500,000 won ($352). Of the approximately 2.343 million people who applied during the initial enrollment period from June 22 to July 3, about 1.54 million passed eligibility screening based on individual and household income requirements.

By account type, roughly 983,000 subscribers — about 70.9 percent — enrolled under the standard tier, while about 389,000, or 28.1 percent, qualified for the preferential tier. An additional 12,000 applicants, representing 0.9 percent, are eligible only for a tax exemption on interest income with no government contribution, as their total annual salary falls between 60 million won and 75 million won.

By age group, those between 25 and 29 made up the largest share at about 524,000, or 37.8 percent. They were followed by the 30-to-34 age group at roughly 510,000 (36.8 percent) and the 19-to-24 group at about 290,000 (20.9 percent).

Of the 796,000 applicants who did not pass screening, about 409,000 failed to submit required documents or did not obtain consent from household members to verify income information. Those who did not complete the process during the initial enrollment window may reapply during a supplementary period. The FSC said it is considering opening an additional enrollment period in September.


siuu@heraldcorp.com