▲ The 3rd Meeting of the Task Force for Financial Counseling for All Youth
Young people will be eligible for a preferential interest rate on the policy financial product, the Youth Future Savings, after completing financial counseling at their convenience.
The Financial Services Commission announced on July 5 that it will begin accepting applications starting tomorrow for the Financial Counseling for All Youth program, which provides 1-on-1 personalized financial advice to all young adults.
The program is open to individuals aged 19 to 34 as of the application date.
However, an exception has been made for those already enrolled in the Youth Leap Account or Youth Future Savings, allowing them to receive financial counseling even if they are over the age of 34.
Those interested in financial counseling must first undergo an online financial assessment on the dedicated website after identity verification before they can apply for a consultation.
The service consists of three types: "On-site Financial Counseling" provided by the Korea Inclusive Finance Agency, "Financial Sector Counseling" conducted at bank branches, and "Online Financial Counseling."
Applicants may apply for different types of counseling simultaneously.
However, re-applying for the same type of counseling is only possible after the previous session has been fully completed.
The consultation schedule is based on selecting a preferred date within a two-week period starting from the Thursday of the following week from the application date.
For example, if an application is submitted between July 6 and July 12, the applicant can choose and book a desired date within the two-week period starting from Thursday, July 16.
Regarding specific consultation times, a counselor will contact the applicant by phone to finalize the schedule within two business days for "On-site Financial Counseling" and within approximately one week for "Financial Sector Counseling" after the application is received.
A follow-up service via phone will also be provided approximately one month after the consultation to check on the implementation of the advice.
Preparation requirements vary by counseling type.
While "On-site Financial Counseling" does not require a financial assessment report, those using "Financial Sector Counseling" must visit the branch with a pre-issued financial assessment report.
"Online Financial Counseling" for youth with limited time will also open on July 6.
By registering specific financial situations and concerns on the website, users can receive detailed responses from professional counselors.
To encourage participation, the Financial Services Commission has linked the counseling program with policy financial products.
Youth who complete at least one of the three types of counseling will be granted a 0.2 percentage point preferential interest rate on the Youth Future Savings.
To receive the preferential rate, counseling must be completed by the last day of the month three months prior to the month in which the savings account matures.
The benefit is applied automatically without the need for separate applications or submission of supporting documents.
Notably, even if a user joined the Youth Future Savings before receiving financial counseling, the preferential rate will be applied retroactively upon maturity.
(Photo: Yonhap News)
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