Elderly man with dementia first to use South Korea's public asset management service

An 84-year-old man suffering from dementia has become the first person to enroll in South Korea's "Dementia Money Public Trust" service, a program designed to help individuals manage their finances when cognitive decline makes it difficult. The man, identified only by his surname Jeon, signed a contract entrusting his entire fortune to the nation, expressing a sense of relief. The public trust service, operated by the National Pension Service, manages cash assets up to 1 billion won for individuals diagnosed with dementia or mild cognitive impairment. This initiative aims to protect vulnerable individuals from financial mismanagement or exploitation. In the two months since its pilot program began, 118 people have applied, with four contracts finalized. Jeon, who is also an un-partnered elderly person, was able to secure his assets thanks to his public guardian. The guardian became suspicious after observing Jeon repeatedly returning home without money after going out with cash. This led to the application for the dementia public trust, providing a crucial safety net for his financial well-being.