Busan announced on August 3 that it will begin recruiting participants for the '2026 Busan Youth Double Happiness Account' starting on the 10th. This initiative aims to provide a financial foundation for working youth.
The 'Busan Youth Double Happiness Account' allows participants to save 100,000 won per month for either two or three years, with the city matching that amount. At maturity, participants can accumulate up to 7.2 million won, plus interest. The program has been running since 2022 and attracted significant interest last year, with a competition ratio of 13 to 1 during the recruitment phase.
Eligible participants are youth aged 18 to 39 who are registered residents of Busan as of the announcement date. This includes individuals born between January 1, 1986, and December 31, 2008.
Applicants must have an income at or below 150% of the median income. For health insurance contributions, this means monthly payments of 138,780 won or less for employees and 68,641 won or less for self-employed individuals. Workers must be enrolled in at least one of the four major social insurance programs, while daily workers can apply if they have worked at least 20 days in the month prior to the announcement.
Applications will be accepted from 9 a.m. on the 10th until 6 p.m. on the 21st through the Busan Youth Double Happiness Account website.
The city plans to announce the final participants on October 2 after a random draw and qualification review. Selected individuals will begin saving in October after signing an agreement.
According to the Busan Youth Policy Division, this year's budget for the program is 13.3 billion won, entirely funded by the city, with no national funds involved.
The number of participants has increased from 4,000 in 2024 to 6,000 last year, and this year will maintain the same level. A city official stated, "While we are working to increase the number of beneficiaries, we are unable to secure additional funding this year, limiting support to 6,000 participants."
Similar to last year, a high competition ratio is expected this year, but there are currently no alternative programs or guidance for those who do not get selected.
This year, the income criteria for health insurance contributions have been raised from 126,230 won to 138,780 won for employees.
A city official explained, "The adjustment reflects the increase in health insurance contributions, not a change to relax income criteria or expand eligibility."
Of the 6,000 participants selected in 2025, 299 withdrew early, representing about 5% of the total.
Starting this year, the criteria for special early withdrawal now include the birth of a spouse's child. Previously, only the participant's pregnancy and childbirth were recognized as valid reasons. Special early withdrawal allows the city to provide partial or full support to participants who can no longer continue saving due to unavoidable circumstances.
A city official noted, "The issue of early withdrawal has not worsened, but we expanded the criteria to reflect the financial burdens that may arise from a spouse's childbirth."
This year, for the first time, the city will conduct a follow-up survey of participants one year after maturity. Previously, the program only verified the intended use of the savings at the time of withdrawal.
The city plans to track actual usage, savings retention, and asset formation effects after maturity. Given the nature of the program, which recruits thousands of new participants each year, the cumulative financial burden of providing support to existing participants may increase.
The city is committed to managing the program's budget through a mid-term local finance plan. This year, an online self-assessment system will be introduced to allow applicants to verify their income and employment criteria in advance.
In addition to existing online and offline financial education, the city will offer one-on-one tailored financial counseling in collaboration with the Busan Credit Guarantee Foundation. Youth facing credit and debt issues will be connected to the Youth Credit Recovery Support Program.
Mayor Jeon Jae-soo stated, "We have improved the system to help youth build assets stably amid changes in their life cycle and economic situations. We will continue to support policies that enable youth to prepare for their future in Busan."
* This article has been translated by AI.
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