Supporting Self-Reliance for Working Youth and Low-Income Households
Gwanak-gu in Seoul is recruiting new participants for the “Double Hope Youth Savings Account” and the “Dream Narae Savings Account” programs to help young people and low-income households build assets, even amid challenging economic conditions. Applications can be submitted from June 9 to June 20.
The “Double Hope Youth Savings Account” is a program for working young people aged 18 to 34 who reside in Seoul. If participants save 150,000 won per month for either two or three years, the city of Seoul and private sponsors will match 100% of the amount saved.
Eligibility requirements include being a currently employed worker with a pre-tax monthly salary of 2.55 million won or less, having a supporting family member (parent or spouse) with an annual income of less than 100 million won (approximately 8.34 million won pre-tax monthly average), and total assets of less than 900 million won. Applications can only be submitted online through the Seoul Asset Building Support Project website (account.welfare.seoul.kr).
The “Dream Narae Savings Account” is designed to help low-income households save for their children's education expenses. Parents with children aged 14 or younger who reside in Seoul can save 50,000 or 100,000 won per month for three or five years. Households with three or more children can save 120,000 won per month. The city of Seoul will contribute an additional 50% of the amount saved.
Eligible applicants are households with a recognized income at or below 51?80% of the median income standard (relaxed to 90% for households with three or more children). Even if there are multiple children in the household, only one child may be registered for the program. Applications can be submitted online or in person at the local community center corresponding to the applicant’s address.
The final selection results will be announced on November 4, 2025, after document screening and a credit check, and will be posted on the Seoul Welfare Foundation website. Applicants are responsible for checking the results themselves. For more details, visit the Seoul Welfare Foundation website (www.welfare.seoul.kr) or the Gwanak-gu Office website (by category: Welfare - Low-Income Residents - Asset Building Support).
Park Junhee, Mayor of Gwanak-gu, said, “It was heartbreaking to learn from recent statistics that 70% of young people who applied for personal rehabilitation did so to cover living expenses. I hope that the Double Hope Youth Savings Account and Dream Narae Savings Account programs will help young people and low-income households build assets, supporting them in achieving a stable daily life and planning for the future.”
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