The government has finalized the enrollment of 24,145 participants in the 'Youth Tomorrow Savings Account' program for 2026, aimed at helping low-income working youth save for the future. By saving 100,000 won per month, participants can receive an additional 300,000 won from the government, allowing them to accumulate a substantial total of 14.4 million won after three years. To encourage continued participation, the government has increased the maximum pause period for contributions to 12 months starting this year.
The Ministry of Health and Welfare announced on September 29 that it has selected a total of 24,145 individuals for the 2026 'Youth Tomorrow Savings Account' program. Applications were accepted from May, followed by a thorough review of income and asset criteria to determine eligibility.
The Youth Tomorrow Savings Account is a key initiative designed to support economically vulnerable youth in establishing a solid financial foundation. Eligible participants are working individuals aged 15 to 39 from households earning less than 50% of the median income.
Participants who save 100,000 won per month (up to a maximum of 500,000 won) will receive a monthly government contribution of 300,000 won. Over three years, this results in a total of 3.6 million won in personal savings, supplemented by 10.8 million won in government support, plus interest of up to 5.0% per year.
Those selected can open their accounts at a nearby Hana Bank branch or through the Hana OneQ mobile app to begin saving. However, to receive the full government support at maturity, participants must maintain employment for the entire three years and complete a 10-hour self-sufficiency training course, along with submitting a financial utilization plan.
To prevent early account closures due to unforeseen circumstances, the Ministry has significantly strengthened the 'contribution pause system' this year. Previously, participants could pause their contributions for a maximum of six months due to job loss or other difficulties; this has now been extended to 12 months. Additionally, those who take leave for military service, pregnancy, childbirth, or childcare can apply for a 'special contribution pause' for up to two years, with the maturity period also extended.
Research from the Ministry indicates that the Youth Tomorrow Savings Account has effectively supported the economic independence of its participants. A panel study found that the monthly total income of participants who joined in 2022 increased significantly from 1.83 million won in 2022 to 2.35 million won in 2025.
Moreover, the average monthly debt repayment rose from 340,000 won to 480,000 won, indicating improved financial stability, while the proportion of full-time employment among participants also increased, reflecting positive employment trends.
Kim Moon-sik, Director of Welfare Policy, stated, "We will continue to assist low-income working youth in building assets and realizing their future dreams through the Youth Tomorrow Savings Account. We are also actively considering further easing contribution requirements and enhancing tailored support measures."
Looking ahead, the enrollment schedule and selection size for the 2027 Youth Tomorrow Savings Account will be announced in the first quarter of next year. For inquiries, individuals can consult the asset formation portal chatbot service, the asset formation support call center, or their local administrative welfare center.
* This article has been translated by AI.
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