Seoul City Opens 'Cheongnyeon Donghaeng Center' to Help Solve Youth Financial Issues

Opening of a New Center Near Seolleung Station by Merging Three Existing Centers
Providing Financial and Debt Counseling for Financially Vulnerable Youth

On the 1st, the opening ceremony of the Gangnam Area Seoul Financial Welfare Counseling Center Youth Companion Center, managed by the Seoul Welfare Foundation, was held. From the left: Ha Young-tae, Director of Seoul Welfare Policy Division; Oh Shin-hwan, Deputy Mayor for Political Affairs of Seoul; Kang Seok-ju, Chairman of the Health and Welfare Committee of the Seoul Metropolitan Council; Kim Sang-chul, CEO of the Seoul Welfare Foundation.

[Asia Economy Reporter Han Jinju] The Seoul Metropolitan Government announced on the 2nd that it has opened the Seoul Financial Welfare Counseling Center 'Youth Companion Center' near Seolleung Station to support young people facing financial difficulties.

The Youth Companion Center is located on the 4th floor of Geumgang Tower near Exit 1 of Seolleung Station. It has integrated the three centers previously operated in Guro, Gangnam, and Songpa into the Gangnam area.

The Youth Companion Center is available to all young people under 39 years old in Seoul and also provides counseling services to the general public. Experienced financial counseling experts reside at the center to offer specialized financial welfare counseling services tailored to youth. Services include in-depth one-on-one financial coaching such as household budgeting and income management, youth-customized financial education, and support for public debt adjustment.

The Youth Companion Center plans to provide one-stop services including ▲Youth Money Coaching Program ▲Youth Financial Guide ▲Financial counseling for Youth Account participants ▲Debt counseling (rehabilitation, bankruptcy, workout, etc.) ▲Linkage to youth welfare service information strengthened in areas such as housing and employment.

Since its opening in July 2013, the Seoul Financial Welfare Counseling Center under the Seoul Welfare Foundation has supported legal discharge of 2.5334 trillion KRW in malignant debts for 10,034 Seoul citizens suffering from household debt.

Kim Sangcheol, CEO of the Seoul Welfare Foundation, said, "The Youth Companion Center was established to provide specialized and systematic services to young people facing financial crises due to various factors after COVID-19, and will promptly diagnose the needs of youth and provide systematic support going forward."