The Financial Services Commission said on the 10th that 1,385,000 applicants for the Youth Future Installment Savings ultimately enrolled. The Youth Future Installment Savings is a three-year, free-installment product that allows people ages 19 to 34 to make deposits freely up to 500,000 won per month.
According to the Financial Services Commission (FSC), of the 2,343,000 people who applied for initial enrollment in the Youth Future Installment Savings from June 22 to July 3, 1,547,000 passed the eligibility screening, including personal and household income. Of these, 1,385,000 completed enrollment.
By type, about 983,000 (70.9%) were in the general category, and about 389,000 (28.1%) were in the preferential category. Those who receive only the tax exemption on interest income without a contribution—such as people with total salary over 60 million won and up to 75 million won—numbered 12,000 (0.9%).
By age, those 25 to 29 were the largest group at about 524,000 (37.8%), followed by 30 to 34 at about 510,000 (36.8%) and 19 to 24 at about 290,000 (20.9%).
Of the 796,000 who did not pass screening, 409,000 either did not provide consent to verify household members' income information or failed to submit related documents such as household member verification. They can apply during the additional enrollment period and be screened again.
The Financial Services Commission (FSC) and the Korea INclusive Finance Agency (KINFA) said, "Even after recruitment ended, we confirmed strong demand, with continued inquiries from young people who missed the enrollment opportunity," and noted they are "reviewing an additional enrollment period in September."