Dozens of homeless individuals that have collectively saved hundreds of millions of won this year were recognized by Seoul City on Monday which is giving them additional opportunities to turn their lives around.

According to the Seoul Metropolitan Government, 70 homeless individuals living in shelters were recognized for saving 260 million ($224,800), more than half of their earned income, between April and November.

The top seven individuals were found to have saved more than 90 percent of their earned income.

Those recognized by the city will be given the opportunity to apply for Seoul’s Hope Plus Account, in which the city matches the amount of savings the individual makes.

Those considered for recognition by the city needed to have met stringent requirements including an earned income for at least six months and also a subscription to a property savings account.

The “Savings Kings” were comprised of individuals from all backgrounds including a Filipina who took to the streets to evade an abusive Korean husband, and a family man who lost his business.

Jeong wound up on the streets after he lost his business during the financial crisis and left his family while dodging loan sharks.

“I can’t live as a sinner in debt,” said Jeong, only identified by his surname.

The 54-year-old has saved 15 million won as a home repairman.

Lee lost his family’s fortune and wound up divorced.

“The counselor told me I have nowhere to go but up, so now I save 95 percent of my monthly earnings after he told me the only thing I can do to recover from this life is saving,” said 45-year-old Lee.

The number of street people surged here in the wake of the 1997-98 Asian financial crises. The homeless issue was regarded as a temporary social phenomenon at the time.

With the nation’s economy taking some time to recover and another global crisis hitting in 2008, however, the number of homeless people has held steady at some 5,000 every year, the Ministry of Health and Welfare reports.

Of them, about 3,300 people are in Seoul where social services for them are better than in other local provinces, according to 2010 government data.


By Robert Lee
(robert@heraldcorp.com)