Incheon City Launches "Incheon-Type Youth Savings" to Help Young People Increase Asset Value

Gyeonggi Province, Yongin City, South Korea, is launching a new financial product to help local youth increase their assets. Yongin City announced that starting March 23, it will collaborate with regional financial institutions such as Nonghyup and Shinhan Bank to implement the “Yongin Youth Deposit.” This decision is part of a regional customized policy aimed at supporting youth economic independence. To commemorate this, the city government signed agreements with nine financial institutions on March 20.

The “Yongin Youth Deposit” is available to residents of Yongin City aged 18 to 39. If the amount of existing government policy deposits, such as “Soldier Tomorrow Preparation Deposit,” are redeposited into participating financial institutions under this agreement, they will receive an additional 1 percentage point interest rate on top of the original rate. The maximum deposit amount is 10 million won, with a total recruitment of 1,250 participants across all institutions. The deposit term is one year, and it is expected to receive positive responses due to favorable conditions for youth.

The active participation of regional agricultural and credit cooperatives is also noteworthy. Local financial institutions including Yongin Agricultural Cooperative, Wonsan Agricultural Cooperative, and Mugeun Agricultural Cooperative are involved, which is expected to create a broader financial network. These participating institutions are rooted in the local economy and are expected to provide substantial assistance in asset management for young people in the region.

Yongin City plans not only to introduce this financial product but also to conduct youth financial education. Volunteer youth involved in this project will receive financial education services provided by professional organizations. This initiative goes beyond mere economic support, aiming to help young people manage their assets independently and develop long-term financial plans.

Yongin Mayor Lee Sang-ik emphasized that this project is the first regional specialized financial product in the country and stated, “This will become a practical administrative case that provides substantial benefits to youth and is close to their daily lives.” The newly launched “Yongin Youth Deposit” will not only provide tangible help for youth asset accumulation but may also serve as a good precedent for innovative local government policies. It remains to be seen whether this trend will spread to other regions.