Youth Leap Account Subscribers Surpass 1.5 Million... 88% Retention Rate Maintained

15 Months After Launch, 1.28 Million Out of 1.46 Million Account Holders Maintain Payments

[Image source=Yonhap News]

The 'Cheongnyeon Doyak Account' designed to help young people build assets has surpassed 1.5 million subscribers.

According to the Financial Services Commission on the 31st, as of the 30th, the number of Cheongnyeon Doyak Account subscribers reached 1.52 million. This means that one in four eligible young people (approximately 6 million estimated by the FSC) have signed up. Notably, new subscriptions in October alone reached 64,000, about three times higher than September's 21,000.

As of the end of September this year, the retention rate was 88%, higher than the average for savings products at commercial banks (45%) and the Youth Hope Savings (77%). The early termination rate stands at around 12%.

The financial authorities are preparing various support measures to help young people build stable assets. They provide secured loans against savings to prepare for urgent financial needs such as marriage and childbirth, and starting from the fourth quarter of this year, partial withdrawals will be allowed within 40% of the paid amount for subscribers who have been enrolled for more than two years.

Additionally, subscribers who have been enrolled for over two years and have paid more than 8 million KRW will receive an additional 5 to 10 points on their personal credit evaluation scores. Government support contributions will also be expanded from the current maximum of 24,000 KRW per month to 33,000 KRW. The timing for the expanded contribution support is under consultation with related ministries and will be announced within the year.

The Cheongnyeon Doyak Account can be subscribed to through the applications of 11 partner banks, and subscription applications for November will be accepted only on business days from the 1st to the 15th.