After young people use financial counseling at the time they want, they will receive the preferential interest rate benefit of the policy finance product "Youth Future Installment Savings."
The Financial Services Commission said on the 5th that it will begin accepting applications starting tomorrow for "Financial counseling for all youth," which provides one-on-one customized financial counseling to all young people. Those eligible are young people ages 19 to 34 on the application date. However, an exception was made so that those who have subscribed to the Youth Leap Account or Youth Future Installment Savings can receive financial counseling even if they are over 34.
Applicants who want financial counseling must first complete the "online financial diagnosis" after identity verification on the dedicated webpage, then apply for counseling. This service consists of three options: "on-site financial counseling" provided by the Korea INclusive Finance Agency (KINFA), "financial sector counseling" that involves visiting bank branches and the like, and "online financial counseling."
Different types of financial counseling can be applied for in combination. However, when reapplying for the same type of counseling, it is only possible after the existing process has been fully completed. For scheduling, starting on the Thursday of the following week from the application date, applicants select a desired date within a two-week window. For example, if you apply between July 6 and 12, you can book by choosing a desired date among the schedules within two weeks starting Thursday, July 16.
Specific appointment times are finalized by phone after application: for "on-site financial counseling," within two business days; for "financial sector counseling," in about a week, when a counselor calls to make final arrangements. About a month after counseling is completed, a follow-up phone service is also provided to check whether action has been taken.
The preparations differ by counseling type. While "on-site financial counseling" can proceed without a financial diagnosis report, to use "financial sector counseling," you must visit the application branch with a pre-issued financial diagnosis report. "Online financial counseling" for young people with limited time also opens on the 6th. If you register specific financial circumstances and concerns on the webpage, you can receive detailed answers from a professional counselor.
The Financial Services Commission (FSC) also prepared linked benefits with policy finance products to encourage participation in this financial counseling. Young people who complete any one of the three counseling types will receive a 0.2 percentage point preferential interest rate on "Youth Future Installment Savings." To receive the preferential rate, counseling must be completed by the end of the month three months before the month that includes the installment savings' maturity date. It is applied automatically without submitting a separate application or supporting documents. In particular, even if a person subscribes to Youth Future Installment Savings after receiving financial counseling, the preferential rate will be applied retroactively at maturity upon termination.