Less than 10 years after their launch, the number of individual savings accounts (ISAs) has surpassed 7 million, data showed. As of end-November, 7.19 million people held ISAs with deposits totaling 46.5 trillion won. The figures come from the Korea Financial Investment Association.
Individual savings accounts (ISAs) were introduced in March 2016 as part of the government's efforts to help individuals build wealth through a one-stop savings scheme with tax benefits. The product allows customers to select investment options like stocks, funds, and deposits themselves or have financial firms manage their assets.
According to data from the Korea Financial Investment Association, as of the end of November, a total of 7.19 million people held ISAs, with deposits amounting to 46.5 trillion won ($32.14 billion). This milestone comes less than a decade after the launch, highlighting rapid adoption.
By type, brokerage-offered ISAs numbered 6.14 million, accounting for 84 percent of the total. Trust-type accounts stood at 919,000, or 12.8 percent. The growth underscores the scheme's success in encouraging diversified savings amid government incentives.
The ISA's design facilitates comprehensive asset management in one account, promoting long-term financial planning. These figures affirm the policy's impact over the past 10 years, with potential for further expansion.
