Health ministry selects 24,145 young adults for 2026 savings account

The health ministry said Tuesday it has finalized the selection of 24,145 young low-income workers for the 2026 edition of its Youth Tomorrow Savings Account, a program that matches personal savings with government contributions to help build assets.

Under the program, young people from households earning 50 percent or less of the median income who save 100,000 won ($74) a month receive 300,000 won ($221) in government contributions each month, and at the end of the three-year term receive 14.4 million won ($10,588) in accumulated savings including their own deposits, plus interest of up to 5 percent a year. Participants must maintain employment and make their own deposits for at least 24 months to receive the maturity payout, complete 10 hours of self-reliance education and submit a plan for how they will use the funds. Accounts can be opened at Hana Bank branches or through the bank's mobile app.

Starting this year, the ministry doubled the maximum pause period for deposits from six months to 12 months, and those taking leave or resigning for military service, pregnancy, childbirth or childcare can apply for a special suspension of up to two years, with their maturity date extended accordingly.

A panel study of program participants found that their financial health improved, with total monthly income rising from 1.83 million won ($1,346) in 2022 to 2.35 million won ($1,728) in 2025. Debt repayments also increased from 340,000 won ($250) to 480,000 won ($353) a month, while the share of participants in full-time regular employment and their earned income both rose.

"We will also review measures to ease savings requirements and strengthen tailored support so that young low-income workers can build assets through the Youth Tomorrow Savings Account and nurture their future dreams," said Kim Moon-sik, the ministry's welfare policy director.

The ministry said it will finalize the enrollment schedule and selection size for 2027 in the first quarter of next year.