Korea SMEs and Startups Agency holds overnight camp for youth aging out of foster care

The Korea SMEs and Startups Agency is hosting a two-day overnight camp for youth aging out of foster care, in partnership with child welfare organization ChildFund Korea, at its Busan-Gyeongnam training center Monday and Tuesday.

The camp targets young people raised in child welfare facilities or foster homes who must live independently after state protection ends at age 18. About 2,000 such youth enter society each year once their care period concludes, and the agency said providing structured independence education before that transition is critical.

The government has expanded financial support for these youth, offering a monthly independence allowance of 500,000 won ($349) for up to five years after care ends, along with a resettlement grant of at least 10 million won available across all 17 cities and provinces. Experts have long argued, however, that financial aid alone is insufficient and must be paired with education on personal finance and housing, as well as psychological and emotional support. The camp was designed with that gap in mind, targeting more than 20 high school and university students who are one to two years away from leaving care.

The program covers four core areas: finance, housing, emotional well-being and employment. On the first day, participants will receive financial literacy training developed in collaboration with the Korea Deposit Insurance Corporation, covering household budgeting, credit score management, the four major social insurance programs, asset-building schemes and fraud prevention. The housing segment addresses practical skills such as basic lease and monthly rent contract procedures, key items to check in property registry documents, and tips for avoiding jeonse fraud. A "mindfulness project" will also run throughout the day to help participants manage the stress, depression and anxiety that can accompany the transition to independent living.

The agency will also introduce its own policy programs, including a long-term savings scheme that rewards sustained employment at small and medium-sized enterprises and a job-matching and consulting service through its corporate workforce support center, both aimed at helping participants find stable work and build financial independence.

On the second day, professional instructors will provide one-on-one job consulting covering the full hiring process — from writing personal statements and preparing for interviews to building a professional image.

Kang Seok-jin, chairman of the Korea SMEs and Startups Agency, said what youth aging out of care need most goes beyond simple financial assistance. "What these young people truly need is the capacity to design their own futures and settle into society on their own terms," he said. "We will lead the way in building an ecosystem where youth can stand on their own as healthy members of society, by linking the education and policy programs they need to achieve independence."