In 2007, Korea implemented Child Development Accounts (CDAs) for institutionalised children in child welfare systems. Since then, the target group and a matching cap of CDAs in Korea have evolved. The target group expanded to include poor children receiving welfare, whereas the matching cap increased from KRW 30,000 (US$26.53) to KRW 40,000 (US$35.38), which is matched at a 1:1 rate. Despite the expansion, there is little empirical evidence examining the extent to which CDAs have influenced the life of participants. Using a content analysis method with a sample (N = 22), this study examines how CDAs have changed children’s mindsets, saving habits, education, future planning and sponsorship. The findings suggest that CDAs have multiple positive influences on children. This study concludes with policy implications for the inclusive and progressive development of CDAs in Korea.

Mode of access: Internet.