'Hope Double Youth Account' Competition Rate 4.5 to 1... Gwanak-gu Has the Highest Competition Rate

13,462 Applicants for 3,000 Positions
69% Female Ratio, Preference for 3-Year Contracts

▲The above photo is not related to the article (Photo by Asia Economy DB)

[Asia Economy Reporter Hyunju Lee] The application competition rate for Seoul's 'Hope Double Youth Account,' which matches savings and returns double the amount, recorded 4.5 to 1. Among the 25 autonomous districts, Gwanak-gu, which was allocated the largest number of selected participants, also showed the highest competition rate.

Seoul City announced on the 7th that 13,462 people applied for a total recruitment of 3,000 youth account subscribers.

The city allocated the number of selected participants by district based on the youth population, competition rates over the past two years, and the proportion of low-income households. The largest allocation was in Gwanak-gu with 196 people, and the smallest was in Jung-gu with 56 people. In Gwanak-gu, despite having the highest number of selected participants among districts, the competition rate was 6.5 to 1, with as many as 1,265 applicants. The district with the lowest competition rate was Seocho-gu, with 257 applicants for 97 spots, recording a 2.6 to 1 ratio.

The city will select the final candidates on October 23 after reviewing the income and property of the applicant households and document screening. Selected subscribers can start saving from November. Interview screening has been abolished since last year.

Eligibility requires a personal monthly income of 2.37 million KRW or less, and the recognized income of parents and spouse must be 80% or less of the median income standard. The target is working youth aged 18 to 34 residing in Seoul.

Over the past five years, the city has selected a total of 8,061 people and provided matching support funds amounting to 14.865 billion KRW. The proportion of female participants was higher at 69% compared to males. Also, the 3-year contract (88.2%) was preferred over the 2-year contract.

The most common purpose for using the accumulated funds was for housing funds (62.3%). This was followed by education funds such as student loan repayment and job training costs (20.4%), marriage preparation funds (12.6%), and small-scale startup funds (4.7%).