Gyeonggi Province Supports Financially Vulnerable Populations Through Education Starting in May

[Suwon Ilbo=Reporter Park No-hun] Starting in May, Gyeonggi Province will conduct credit and financial education to support the economic comeback of financially vulnerable populations in the province.

On the 28th, Gyeonggi Province will sign a written "Work Agreement for Supporting Financially Vulnerable Populations" with the Credit Recovery Committee and the Gyeonggi Welfare Foundation.

This agreement involves collaboration with the Credit Recovery Committee to have professional instructors provide education on life financial planning, rational consumption and savings, debt management, credit management, and prevention of financial fraud damage to financially vulnerable populations in the province.

The education is divided into two main components: "Outreach Education" and "Education for Ultra-Low Credit Loan Users."

First, in cooperation with 19 Community Finance and Welfare Support Centers throughout the province, credit and financial education will be provided by visiting elementary, middle, and high schools, universities, and welfare organizations.

In addition, home visit education focused on low-credit and low-income individuals will be conducted in connection with Community Finance and Welfare Support Center projects.

Furthermore, to enhance the credit and debt management capabilities of ultra-low credit loan users in Gyeonggi Province, credit education will be made mandatory before loan execution, and customized educational programs will be provided covering everything from credit management to financial fraud prevention and response.

Starting in May this year, approximately 19,000 applicants will be the first beneficiaries of the education, which will be conducted online. The Gyeonggi ultra-low credit loan is a project that supports loans of up to 3 million won at a low annual interest rate of 1% with a 5-year maturity, provided through screening to residents aged 19 or older with low credit scores who are unable to obtain loans from formal financial institutions.

Gyeonggi Province and the Credit Recovery Committee plan to prepare specific lecture content and begin education starting in May.

The province will also independently develop practical, Gyeonggi-style credit and financial education content tailored to reflect the circumstances of educational beneficiaries, and will implement it in parallel with the Credit Recovery Committee's educational curriculum.

Yoon Young-mi, Director of Welfare Policy at Gyeonggi Province, said, "We determined that credit and financial education is essential for the livelihood stabilization of financially vulnerable populations and the debt quality management of youth with increasingly high small-debt ratios, which led to collaboration with the Credit Recovery Committee—a first among local governments nationwide," and added, "We will make every effort to strengthen the credit and financial management capabilities of financially vulnerable low-credit and low-income populations and to support credit issue prevention and economic comeback."