On February 27, 2026, Seogwipo City made an announcement that could change the lives of many low-income working families: the city will be accepting new applications for its Hope Savings Account I program from March 3 to March 13, 2026. This initiative, designed to help recipients of livelihood or medical benefits build a financial foundation for self-reliance, represents a significant step in social welfare efforts aimed at empowering those on the lower rungs of the economic ladder. And it’s not just Seogwipo making moves—Bucheon City is rolling out a similar program over the same period, signaling a broader commitment across Korea to support asset formation among vulnerable groups.
The mechanics of the Hope Savings Account I are straightforward, but the impact can be profound. Eligible households—those currently receiving livelihood or medical benefits and whose earned or business income falls between 60% and 40% of the median income standard—can participate by saving 100,000 KRW each month for three years. In return, the city matches these savings with a generous 300,000 KRW monthly earned income tax credit. For a four-person household, the income threshold for eligibility is set at 615,417 KRW per month, a figure that ensures the program is targeted at those who need it most, according to reporting by Financial Economy and Yonhap News.
But there’s more to it than simply saving. To qualify for the maximum support—up to 14,400,000 KRW over three years, not including interest—participants must meet several conditions. These include maintaining steady employment or business activity for the entire period, consistently saving at least 100,000 KRW each month, and, crucially, exiting the welfare system (that is, no longer receiving livelihood or medical benefits) within six months after the savings term ends. The program’s design is meant to encourage not just saving, but also a transition toward self-sufficiency and independence.
Current statistics from Seogwipo City show the program’s growing footprint. As of this announcement, 45 people are maintaining their Hope Savings Account I subscriptions, and 10 have already received their maturity support funds. These funds have been put to practical use, helping families cover essential expenses like housing and education—real-world examples of how targeted welfare programs can provide a springboard to a more stable life.
The process for applying is intentionally accessible. Interested individuals need only visit their local community centers to submit an application. After a thorough income and asset investigation, the results of the selection process will be announced on March 19, 2026. Those chosen will then be required to visit Hana Bank to open their accounts, setting the wheels in motion for their savings and matching credits to begin accumulating.
For those with questions or in need of guidance, Seogwipo City has provided multiple avenues for support. Inquiries can be directed to the Asset Formation Support Call Center at 1522-3690, the Health and Welfare Counseling Center at 129, Bokjiro at 1566-0313, the Seogwipo City Welfare Department at 064-760-6513, or directly to local community centers. The city’s multi-channel approach underscores its commitment to ensuring that no eligible household is left in the dark about the opportunity.
Bucheon City’s version of the Hope Savings Account I program mirrors many of these features, but with a few notable differences. There, eligible households—again, those receiving livelihood or medical benefits and including at least one worker or business operator—can save between 100,000 KRW and 500,000 KRW each month, offering a bit more flexibility for those who can afford to save more. The city still matches with a 300,000 KRW monthly earned income tax credit, and at maturity, participants can receive up to 14,400,000 KRW, including their own savings, the matched credits, and any accrued interest. Bucheon’s program also adds another layer: participants must complete at least 10 hours of self-reliance education, emphasizing not just financial but also personal development.
To secure the maturity support in Bucheon, participants must fulfill several requirements: exit the welfare system within three years, sustain their work or business activity, make all required savings contributions, and complete the self-reliance education. Applications are accepted at local welfare centers, and questions can be answered by the Bucheon City Call Center (032-320-3000), the Asset Formation Support Call Center, or welfare offices in the applicant’s neighborhood.
The rationale behind these programs is clear. By encouraging regular savings and supplementing them with substantial matching funds, both Seogwipo and Bucheon aim to give low-income households the means to break free from the cycle of poverty. The requirement to exit welfare benefits within a set period is meant to ensure that the support acts as a bridge, not a crutch—helping families achieve financial independence rather than fostering long-term dependency.
For the families who have already completed the program in Seogwipo, the benefits are tangible. As noted by local officials, the maturity support funds have been used for vital needs such as housing costs and educational expenses for children. These are not luxuries, but basic building blocks for a secure and hopeful future. And for those just starting the journey, the Hope Savings Account I offers both a roadmap and a safety net.
It’s worth noting that these programs don’t operate in a vacuum. They’re part of a broader national strategy in South Korea to address persistent income inequality and provide meaningful pathways to self-reliance for the most vulnerable. By combining financial incentives with education and a clear set of milestones, the Hope Savings Account I reflects a modern approach to social welfare—one that seeks to empower rather than simply assist.
As the March 3 application window approaches, local governments are ramping up outreach efforts to ensure that eligible households are aware of the opportunity. With multiple channels for inquiry and support, and a proven track record of helping families achieve greater stability, the Hope Savings Account I stands out as a beacon of practical hope for those striving to build a better life.
With the next round of applications about to begin, many more families may soon find themselves on the path to financial security, equipped with both the resources and the know-how to make lasting change.