South Korea is expanding financial counseling services for young adults, aiming to address rising debt and promote financial independence. The initiative, spearheaded by the Financial Supervisory Service (FSS) and supported by organizations like FPSB Korea, will provide free, one-on-one consultations to 400 individuals aged 19-39 across Gyeonggi-do, as well as the major cities of Incheon, Daejeon, Gwangju, Daegu, Busan, and Jeonju.
The program, dubbed “1939 Youth Financial Counseling,” will run from to , with priority given to young people actively preparing for self-reliance. Applications opened early, on , for this specific group. The application process is online, accessible through the dedicated website fss1939.org and the Financial Supervisory Service’s ‘e-Financial Education Center’ website.
The consultations will be conducted by certified financial planners from FPSB Korea, offering a two-part service: an initial face-to-face session followed by a non-face-to-face follow-up. This structure allows for personalized advice tailored to individual circumstances, covering areas such as credit management, spending habits, and long-term financial goal setting.
This initiative builds on existing efforts to support young Koreans’ financial well-being. FPSB Korea has been involved in similar programs, including the Seoul Young Tech project, which provided financial counseling and education to over 10,000 young residents of Seoul aged 19-39. The organization is participating in a separate initiative funded by the Financial Public Welfare Foundation, aiming to provide financial counseling to 2,000 young people across other regions.
The need for such programs is underscored by broader economic challenges facing young Koreans. Rising housing costs, student loan debt, and job market instability contribute to financial strain. The government recognizes these difficulties and is actively seeking ways to alleviate the burden and empower the next generation to build a secure financial future.
The Busan Credit Guarantee Foundation is also playing a role, operating the Busan Youth Hope Credit Counseling Center. This center provides personalized financial planning services, focusing on credit management and spending control. While details of the Busan program weren’t specified in available materials, it represents a localized effort complementing the national initiative.
The FSS program specifically targets those aged 19-39, recognizing this demographic as particularly vulnerable to financial instability. Eligibility isn’t tied to permanent residency. individuals can apply if they can attend consultations within the designated areas. This flexibility aims to reach a wider audience, including those who may be geographically mobile or in transitional living situations.
The focus on “self-reliance” as a priority criterion suggests a particular emphasis on supporting young people transitioning into independent adulthood. This includes those who may have aged out of foster care or other protective systems – referred to as “self-reliance preparatory youth” – who are navigating the challenges of establishing financial stability without traditional family support. These individuals are eligible for early application, starting .
The program’s structure, with both in-person and remote consultations, offers a blend of personalized attention and accessibility. The initial face-to-face meeting allows for a detailed assessment of an individual’s financial situation, while the follow-up session provides an opportunity to review progress and refine strategies. This approach acknowledges that financial planning is an ongoing process, requiring continuous adjustment and support.
While the immediate impact will be felt by the 400 participants directly benefiting from the consultations, the broader goal is to foster a culture of financial literacy and responsible money management among young Koreans. By equipping them with the tools and knowledge to navigate complex financial landscapes, the program aims to contribute to long-term economic stability and individual well-being.
The initiative also reflects a growing recognition of the importance of proactive financial counseling, rather than reactive debt management. By addressing financial challenges early on, the program seeks to prevent individuals from falling into cycles of debt and financial hardship. This preventative approach is likely to yield more sustainable results than simply providing assistance after problems have already arisen.
The involvement of FPSB Korea, with its network of CFP and AFPK certified professionals, ensures a high standard of financial advice. These certifications demonstrate a commitment to ethical conduct and professional competence, providing participants with confidence in the quality of the guidance they receive.
