UN Recognizes Innovation in Asset Building: South Korea wins UN Public Service Award

At yesterday’s ceremony in Barcelona, the United Nations recognized an innovation in asset-building policy by granting its prestigious Public Service Award to the Seoul Welfare Foundation (SWF) for its leadership of the Hope-Plus Savings Accounts project.

According to the press release out today of the Center for Social Development (New America’s partner in the Global Assets Project) and partner to SWF for the Hope-Plus project:

  <div style="margin-left: 40px;"><em>Hope-Plus is a three-year pilot program aimed at assisting working poor families to save for home purchase, education, and micro-enterprise in </em><a href="http://cfed.org/programs/idas/ida_basics/"><em>Individual Development Accounts (IDAs)</em></a><em>. As of December 2009, the Hope-Plus program had grown to 20,000 accounts, with plans to add 10,000 additional accounts in 2010. The program is managed by SWF with funding from the Seoul Metropolitan Government and Community Chest of Korea.</em></div><div><em><br></em></div><div style="margin-left: 40px;"><em>Each participant in Hope-Plus is required to deposit 200,000 Korean Won (US $200) per month for three consecutive years to remain in the program and receive public and private matching funds. Participants are expected to have accumulated nearly $20,000 at the end of the three-year program.</em></div><div><em><br></em></div><div style="margin-left: 40px;"><a href="http://csd.wustl.edu/Publications/Lists/Projects/DispForm2.aspx?List=9be81ace-2fbb-4914-ae17-6f4b8b4f2062&amp;ID=258"><em>The success of the Hope-Plus project </em></a><em>has influenced four other cities in South Korea to implement asset-building programs for low-income households in their respective cities.</em></div><div style="margin-left: 40px;">&nbsp;</div><div>I always talk about how asset building policies can be effective means to improve social and economic opportunities for the poor. &nbsp;But what about their potential to also improve the delivery of key public services? I’m looking forward to seeing how the Hope-Plus project unfolds and the lessons it holds for similar policies elsewhere.</div>    <div>&nbsp;</div><div>Learn more about all of the Center for Social Development's<a href="http://csd.wustl.edu/Publications/Lists/Projects/DispForm2.aspx?List=9be81ace-2fbb-4914-ae17-6f4b8b4f2062&amp;ID=195"> innovative work in South Korea</a>.</div>