Seoul welfare foundation partners with KB to offer financial education for people with developmental disabilities

The Seoul Welfare Foundation announced Wednesday that it is running an economics and financial education program for people with developmental disabilities in partnership with KB Financial Group.

The program follows an MOU the two organizations signed in April, and is designed to help people with developmental disabilities living in Seoul's independent-living and supported housing facilities build the financial knowledge they need for daily life.

About 80 percent of residents in Seoul's independent-living and supported housing are people with developmental disabilities. The foundation said these residents can struggle with tasks such as using bank accounts and cards or managing money as they settle into the community, and may also be vulnerable to financial harm including identity theft and loan fraud — making financial education essential.

The curriculum covers understanding the meaning and value of money, earning and saving, and spending and protecting money. The foundation said the program was designed to be accessible and practical, taking into account participants' varying levels of financial literacy.

The foundation said it hopes the program will help people with developmental disabilities build the skills to handle a range of financial situations they encounter in daily life and protect themselves from financial fraud.

"For people with developmental disabilities, economics and financial education goes beyond simply learning about money — it is a vital life skill for living independently in the community," said Yoo Yeon-hee, head of the Seoul Welfare Foundation's social service support center. "We will continue to provide support so that people with developmental disabilities can live independently and safely."