Financial Counseling for All Young Adults: Eligibility, Process, and Preferential Rates
Young adults aged 19–34 can receive one-on-one personalized financial counseling and follow-up support in person, through financial institutions, or online after completing an online financial assessment. Those who complete the counseling may also receive a 0.2 percentage-point preferential interest rate on the Youth Future Savings Account and a KCB credit management service voucher if they meet the specified requirements.
Enter financial information, including income, assets, and debt, on the official website and complete the online financial assessment.
After reviewing the assessment results, select an available type and schedule from outreach financial counseling, financial institution counseling, or online counseling.
Work with a professional counselor to develop plans for budgeting, saving and investing, credit, and debt management, and receive in-depth counseling if needed.
At the follow-up counseling session held about one month later, review your progress and check for any necessary connections to employment or welfare support.
If you are enrolled in the Youth Future Savings Account, check whether you completed the counseling by the end of the month three months before the maturity date to maintain eligibility for the preferential interest rate.
The government-run “Financial Counseling for All Young People” service helps young people assess their financial situation and develop an action plan with a professional. It goes beyond a one-time consultation to include follow-up reviews and connections to credit, employment, and welfare services.
Eligibility and Counseling Topics
The basic eligibility requirement is young people aged 19–34 as of the application date. Age is determined based on the date the application is submitted on the website, not the date the counseling actually takes place.
For example, someone who turns 35 on August 15 must apply by August 14 to meet the age requirement. Detailed requirements for identity verification or system use should be checked again on the application page.
The counseling comprehensively reviews the individual’s income, assets, expenses, debt, and credit status. The main areas covered include:
· Monthly budgeting and living expense management
· Emergency funds and goal-specific savings plans
· Review of available investment funds and risk levels
· Loan repayment order and debt management
· Financial habits that affect credit scores
· Connections to necessary employment, welfare, and inclusive finance support
Rather than focusing solely on enrollment in a particular financial product, the counseling aims to assess the person’s current financial situation and develop an actionable management plan.
Step 1: Online Financial Assessment
Enter your financial information on the official website and complete an online assessment. Use automatic data linkage for information available from credit rating agencies, and manually enter income, expenses, and asset information that cannot be verified automatically.
To improve the accuracy of the financial assessment, it is helpful to organize the following information in advance.
Item to Check | Information to Prepare
Income | Average monthly salary, business income, part-time income, etc.
Fixed expenses | Rent, maintenance fees, telecommunications expenses, insurance premiums, subscription fees
Variable expenses | Average food, transportation, leisure, and other expenses over the past 1–3 months
Assets | Deposits, installment savings, investment assets, rental deposits
Debt | Loan types, outstanding balances, interest rates, monthly repayments, maturity dates
Goals | Debt repayment, building an emergency fund, preparing housing expenses, etc.
The financial assessment results serve as basic information for determining the direction of the counseling. Rather than focusing on the score itself, it is important to identify which expenses and debts are putting pressure on cash flow.
Step 2: Select the Counseling Type and Schedule
After completing the online assessment, select an available counseling type and schedule. Available times may vary depending on the region and reservation status.
Counseling Type | Method | Suitable For
On-site financial counseling | A counselor visits an agreed-upon location | Those who have difficulty visiting a bank or need evening or weekend counseling
Financial institution counseling | Visit a counseling desk at a participating bank or other financial institution | Those who want in-person counseling at a nearby participating location
Online financial counseling | Counseling conducted remotely | Those who have difficulty traveling or prefer online counseling
A counselor may call after the application to coordinate the counseling time, so applicants should check the registered contact number and missed calls. On-site counseling is also available on weekday evenings and weekends, but actual availability may vary depending on the regional schedule at the time of application.
Step 3: Customized Financial Counseling
A professional counselor reviews the online assessment results together with the client’s goals. To make effective use of the counseling, it is better to specify a target amount and timeframe rather than vaguely saying, “I want to save money.”
For example, you can prepare questions such as:
· If I have several loans with different interest rates, in what order should I repay them?
· Which should I prioritize, building an emergency fund or repaying loans?
· What is a realistic amount I can save from my monthly salary?
· What should I change first to manage my credit without late payments?
· How should I separate funds needed for moving or preparing for employment?
Depending on the counseling results, additional in-depth counseling may be provided. However, counseling does not guarantee loan approval, investment returns, or eligibility for a particular subsidy.
Step 4: Follow-up Counseling and Support Connections
About one month after the initial counseling session, the counselor calls to review progress. The counselor checks how well the budget, savings, or debt repayment plan established during the initial counseling has been implemented and adjusts any difficult areas.
Depending on the individual’s circumstances, they may be connected not only to credit and debt services but also to related employment, welfare, and other support services. Whether a connection is made and whether the applicant is actually selected for support are subject to the separate requirements and review procedures of each program.
Before the follow-up counseling session, it is helpful to record the following three items:
· Expenses actually reduced after the counseling and the amounts
· Items that could not be paid or repaid as planned and the reasons
· New changes in income, housing, employment, or other circumstances
Preferential Interest Rate Requirements for the Youth Future Savings Account
Young people who complete the financial counseling may receive a 0.2%p preferential interest rate if they meet the relevant requirements for the Youth Future Savings Account. The 0.2%p is not a relative increase in the interest rate but a percentage-point amount added to the stated rate. For example, if the base annual interest rate is 3.0%, adding 0.2%p results in an annual interest rate of 3.2%.
The key requirement is to complete the financial counseling by the last day of the month that falls three months before the savings account’s maturity date. If the maturity date is July 27, 2029, this means the counseling must be completed by April 30, 2029.
Previous counseling records may be recognized even if the counseling is completed first and the person enrolls in the Youth Future Savings Account later. Conversely, if counseling is received after enrollment in the savings account, the specified completion deadline must still be met. According to the stated linkage process, the rate is applied through the counseling completion record without requiring a separate preferential interest rate application or submission of supporting documents.
However, actual application of the preferential rate is confirmed only after all relevant conditions are met, including eligibility for the Youth Future Savings Account, the financial institution and product terms, and matching personal identification information. At the time of enrollment, applicants should review the official product description for the preferential interest rate requirements and the conditions for maintaining the account until maturity.
KCB Credit Management Service Benefits
Those who complete the counseling receive a pass to use the KCB online credit management service. The stated benefit allows users to view a credit management report free of charge once per month for one year.
When reviewing the credit management report, it is important to monitor changes in credit status regularly. Rather than checking only whether the score has temporarily risen or fallen, the following items should also be reviewed:
· Outstanding loan balances and repayment history
· Whether any late or short-term overdue payments have occurred
· Changes in credit transactions, such as new loans and card issuance
· Whether the registered information contains any transactions the user does not recognize
The pass registration method and validity period should be confirmed based on the issuance instructions. Reviewing a credit report itself does not guarantee loan approval or an increase in credit score.
Reviewing Personal and Financial Information Before Counseling
The online financial assessment may include sensitive financial information such as income, assets, debt, and credit. Before applying, applicants should review the operating institution, the purpose of personal information collection, recipient institutions, retention period, and method for withdrawing consent.
· Verify the address and security certificate to ensure that the website belongs to the official operating institution.
· Access the service through the official website’s menu rather than through an address received by text message or messenger.
· Do not disclose account passwords, card PINs, or one-time verification codes that are not required for counseling.
· Check whether automatically linked information and manually entered amounts match the actual situation.
· Avoid using public devices, and log out after finishing.
Do not respond to contacts impersonating a government-supported counseling service and requesting fees, money transfers, loan execution, or enrollment in financial products. If a contact seems suspicious, it is safest to look up the institution’s official main telephone number directly and verify whether the contact is legitimate.
Final Checklist Before Applying
Item to Check | Check Criteria
Age | Confirm that you are aged 19–34 as of the online application date
Contact information | Confirm that the number can receive calls to coordinate the counseling schedule
Counseling method | Confirm an available type among on-site, financial institution, and online counseling
Financial information | Organize income, expenses, assets, and debt using the most recent information
Counseling goals | Specify the issue to be resolved and the target timeframe
Preferential interest rate | Confirm whether counseling can be completed by the last day of the month that falls three months before the Youth Future Savings Account’s maturity date
Personal information | Check the scope of collection and linkage and the retention period on the application page
The service schedule, participating financial institutions, regions where reservations are available, and linked benefits may change. For the most accurate information, check the latest notices from the Korea Inclusive Finance Agency and the Financial Services Commission, as well as the terms of use displayed on the application page, immediately before applying.
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