FSC Vice Chairman Kim So-young made an interim announcement on how the government-backed youth savings account will be operated at a media briefing held on March 8. As a key policy agenda of this administration, the youth savings account program is intended to support young adults (aged 19 to 34 years old) to accumulate assets over a medium- to long-term. Subscribers will put in monthly savings of up to KRW700,000 into his or her own savings account which will be matched by government contributions made at varying degrees in accordance with individual income levels and monthly savings payments. With a five-year maturity, the youth savings account will run on fixed interest rates during the first three years and variable interest rates for the subsequent two years. Authorities also put out a notice for financial institutions that wish to offer youth savings account.