Gwanak-gu Opens Applications for Three Asset-Building Programs to Support Youth and Low-Income Households

Gwanak-gu is simultaneously recruiting new 2026 participants for three savings programs — the "Euddeum Gwanak Youth Savings Account," the "Hope Doubled Youth Savings Account" and the "Dream Nare Savings Account" — designed to help working youth and low-income households build assets and achieve financial independence.

Applications open Monday and run through June 19. Enrollment is online only, through the Seoul Welfare Foundation's asset-building support program website.

The Euddeum Gwanak Youth Savings Account is the only asset-building program among Seoul's 25 autonomous districts funded entirely from a single district's budget. Gwanak-gu launched the program in 2020, reflecting the area's distinction as having the highest proportion of youth residents in the country. This year's recruitment of 100 new participants will bring the cumulative total of beneficiaries to 780.

Participants save 150,000 won (about $100) per month for two or three years. As long as they meet the terms of their agreement — including maintaining employment — the district matches every won saved at a 1:1 ratio. Over a three-year term, a participant's own contributions of 5.4 million won (about $3,590) are matched by an equal district contribution, yielding a lump sum of up to 10.8 million won (about $7,180) at maturity.

Applicants must be registered residents of Gwanak-gu as of the announcement date, aged 18 to 34 (born between Jan. 1, 1991, and Dec. 31, 2008), and currently employed or have worked for at least three months within the past year. Their average monthly pre-tax earned income must not exceed 2.55 million won (about $1,700). Additional eligibility conditions related to parental income and assets are detailed in the official announcement.

Also open for applications is the Hope Doubled Youth Savings Account, a Seoul Metropolitan Government program that matches the savings of working youth residing anywhere in Seoul after they maintain contributions for a set period.

Participants contribute 150,000 won (about $100) per month for two or three years. The accumulated funds can be used for housing, marriage preparation, self-development or starting a business.

Eligible applicants must live in Seoul, be between 18 and 34 years old, and earn no more than 2.55 million won (about $1,700) per month before tax. Their supporting family members — parents or a spouse — must have a combined annual income below 100 million won (about $66,500), or roughly 8.34 million won (about $5,550) per month before tax, and total assets below 900 million won (about $599,000).

Applying for the Hope Doubled Youth Savings Account automatically submits a simultaneous application for the Euddeum Gwanak Youth Savings Account. Applicants not selected for the Hope Doubled program will be automatically considered for the Euddeum Gwanak account and will go through a separate final selection process.

The district is also recruiting new participants for the Dream Nare Savings Account, which helps households set aside money for their children's education.

Participating households save either 50,000 won (about $33) or 100,000 won (about $67) per month for three or five years, and Seoul matches half the amount saved. Households with three or more children may save up to 120,000 won (about $80) per month. The program is open to households with children aged 14 or under whose income falls between 51 and 80 percent of the median income.

Final selection results for the Hope Doubled Youth Savings Account and the Dream Nare Savings Account will be posted on the Seoul Welfare Foundation website on Nov. 4; applicants must check the site themselves. The Euddeum Gwanak Youth Savings Account will announce its final participants in December.