The Korea Financial Investment Association announced on the 28th that it has officially launched the 'Individual Comprehensive Asset Management Account (ISA) Linked Self-Sufficiency Preparation Youth Support Project' in conjunction with 11 securities firms.
This project aims to support young individuals aged 19 to 24 who are beginning to stand on their own after leaving care facilities, group homes, and foster care, by helping them gain financial investment experience and achieve economic independence using ISA for the first time in Korea.
The sponsors include 11 securities firms: DAOL Investment & Securities, MERITZ Securities, Shinhan Investment Corp., Yuanta Securities Korea, Kiwoom Securities, Hana Securities, Hyundai Motor Securities, DB Securities, IBK Securities, KB Securities, and NH Investment & Securities listed in alphabetical order. Each securities firm will support a designated amount of savings every month for three years in the ISA accounts opened in the names of 72 self-sufficiency preparation youths. The sponsors will also assist the youths in their financial literacy, investment judgment, and career planning.
The Korea Financial Investment Association plans to enhance the economic capabilities of self-sufficiency preparation youths by going beyond simple monetary support to include financial education content, mentoring, and internship connections.
A selected youth from the self-sufficiency preparation beneficiaries said to the Korea Financial Investment Association, 'The support through the ISA account gave me confidence that I can prepare for my future on my own.'
The financial investment industry plans to select the same number of self-sufficiency preparation youths each year and gradually increase the participating firms. Seo Yu-seok, chairman of the Korea Financial Investment Association, noted, 'It's regrettable that we cannot provide benefits to children and youths in protective facilities under the current ISA age limit of under 19,' emphasizing the need for institutional improvements.