Introducing the "Youth Double Savings" program: 2-year maturity, 5 million won lump sum support with double the youth’s savings

On November 10, Chungbuk Province signed a business agreement with the Korean Federation of Community Credit Cooperatives (KFCC) at the "Yeoneunmadang" in the provincial office for the "Chungbuk Youth Asset Formation and Regional Settlement Support," kicking off full-scale efforts to build an economic independence foundation for young people. The signing ceremony was attended by Chungbuk Governor Shin Yong-han, Cho Bong-up, Director of Guidance at the KFCC, and the youth members of the Chungbuk Youth Provincial Government Participation Team who proposed the initiative.

This agreement was arranged to ensure the successful implementation of the "Chungbuk Entry-Level Youth Double Savings," a public-private cooperative project supporting the asset formation and regional settlement of Chungbuk youth.

The project originated from an idea presented by the "Cheongchun Bukdo Team" during the launch ceremony of the Chungbuk Youth Provincial Government Participation Team, held right after Governor Shin took office in July. When the youth pointed out the high barrier to initial asset formation and requested active local government backing, Governor Shin expressed deep empathy on the spot and immediately promised to turn it into policy.

Subsequently, Governor Shin directly proposed cooperation to the KFCC, securing preferential financial benefits and turning the youth's idea into a tangible policy outcome for the provincial government within just four months.

Kim Na-yeon, a member of the participation team who attended the event, said, "It is meaningful and rewarding to see the ideas we proposed firsthand turn into an actual project. I look forward to seeing Chungbuk reflect even more voices of its youth in the future."

The "Chungbuk Entry-Level Youth Double Savings" currently under design allows working, unmarried youth aged 19 to 29 residing in the province to save 100,000 won monthly, with the local government matching it 1:1 with another 100,000 won.

Upon the 2-year maturity, youth will receive a total lump sum of 5 million won, combining their own 2.4 million won savings, the local government's 2.4 million won support, and 200,000 won in preferential interest (equivalent to an annual rate of 9.46%) provided by the Community Credit Cooperatives. Additionally, in the event of marriage or childbirth during the subscription period, the Community Credit Cooperatives will provide an extra congratulatory fund of 100,000 won each.

Governor Shin stated, "It is meaningful that the proposals made by youth right after taking office have blossomed into practical policies through the cooperative efforts of the provincial government and financial institutions. I thank the Community Credit Cooperatives for joining hands with us. Since the voices of youth are the future of Chungbuk, we will create tangible changes that young people can experience in their daily lives."

Director Cho Bong-up responded, "Helping youth prepare stably for the future and put down roots in the region is the social responsibility of regional financial institutions. Together with Chungbuk Province, we will play our role as a solid financial stepping stone for youth."

Meanwhile, Chungbuk Province is accelerating provincial administrative innovations that establish youth not as mere beneficiaries, but as true subjects of governance. The province recently completed the selection of 100 youth from various walks of life—including entrepreneurs, office workers, students, and farmers—for the "Chungbuk Provincial Youth Committee" directly under the provincial governor, following a competitive ratio of 3.59 to 1.

The Youth Committee, launching later this month, will feature a youth chairperson elected by the youth themselves, serving as co-chairperson alongside the governor and as an "Honorary Governor." Through the "Youth-Led Budget System," it plans to serve as the core driving force leading "By the Young Chungbuk."

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