Lee Eogwon Vows Preventive Measures After National Assembly Points Out Screening Errors for 24,000 Youth Future Savings Account Applicants

At the National Assembly's Political Affairs Committee, Both Ruling and Opposition Parties Raise Concerns

Yoon Administration Faces Criticism over "Confusion Among Youth Jump Account Subscribers"

"Provided Sufficient Explanation... Young People Understand Which Product Benefits Them More"

Lee Eogwon, Chair of the Financial Services Commission, stated on August 24 that the commission will take measures to prevent a recurrence after the National Assembly pointed out errors in the qualification review process for more than 24,000 subscribers of the Youth Future Savings Account.

Lee Eokwon, Chairman of the Financial Services Commission, is answering questions from lawmakers at the first plenary meeting of the Judiciary Committee held at the National Assembly on August 24, 2026. Photo by Kim Hyunmin

Chairman Lee made this comment at the plenary session of the Political Affairs Committee held at the National Assembly on this day, in response to criticism from Park Hongbae of the Democratic Party of Korea and Song Eonseok of the People Power Party. They highlighted that errors occurred in the qualification review process for as many as 24,300 individuals regarding the Youth Future Savings Account.

According to the Financial Services Commission, out of the 2,343,000 first-time applicants for the Youth Future Savings Account who applied between June 22 and July 3, 1,547,000 passed the eligibility screening, including criteria such as individual and household income. Of these, approximately 983,000 (70.9%) were categorized as standard type, while about 389,000 (28.1%) were categorized as preferential type.

According to Assemblyman Park, errors occurred in the qualification review for around 24,300 applicants. Over 20,000 individuals were initially notified as preferential type but were later corrected to standard type, and approximately 4,300 individuals were changed from standard type to preferential type. Additionally, 52 young people who were not actually eligible were also notified as approved.

Assemblyman Park further explained that on July 24, the government notified some young people of the review results, began receiving call center inquiries on July 27, conducted a full-scale investigation on July 29, and informed customers of the revised facts on July 31.

When Assemblyman Park asked, "Do you know where and what kind of information was omitted?" Chairman Lee replied, "There is nothing I can say about this," and stated, "We will thoroughly take various measures to ensure that this does not happen again."

In response to Assemblyman Park’s question on whether he plans to conduct an inspection or discipline those responsible at any accountable organizations, Chairman Lee said, "I will take this to heart."

Opposition lawmakers also continued to point out errors in the Youth Future Savings Account screening process.

Assemblyman Song Eonseok of the People Power Party questioned what measures are being taken for those who, in order to switch to the Youth Future Savings Account, terminated their Youth Jump Account early but now wish to revert to the original account. The Youth Future Savings Account is a signature youth financial policy product of the Lee Jaemyung administration, while the Youth Jump Account was a representative product under the Yoon Suk-yeol administration.

Chairman Lee responded, "The Youth Jump Account (is still) being maintained," and added, "Those who subscribed to it can keep it until maturity."

Assemblyman Song claimed that the government failed to clearly inform subscribers that the benefits of the Youth Jump Account would be maintained for 10 years if they wished, resulting in young people switching from the Youth Jump Account to the Youth Future Savings Account.

Chairman Lee responded, "That is not the case," adding, "We explained thoroughly to young people, and they understand which of the two products is more advantageous for them."

This content was produced with the assistance of AI translation services.