The Act is established to offer children and youth equal opportunities for good education and career development, set up a savings account system for their future education and development, provide support for accumulation of assets, educational investments, as well as employment and entrepreneurship, and facilitate their self-sustainable development.

The term “competent authority or authorities” herein shall refer to the Ministry of Health and Welfare at the central government level, municipal governments at the municipality level, and city/county governments at the city/county level.

The terms used herein are defined as follows:
1. Savings accounts for future education and development of children and youth (hereafter referred to as child and youth savings accounts): Personal accounts opened in the name of the children or youth concerned in accordance with the Act so that the children or youth may make deposits before reaching 18 years of age and the government can allocate the opening deposit and disbursements and calculate the interest incurred.
2. Account applicant: The child or youth who completes the application for opening a child and youth savings account.
3. Opening deposit: A fixed amount allocated by the central competent authority after a child and youth savings account is opened.
4. Self-deposit: A deposit made into a child and youth savings account in the name of the account applicant.
5. Government disbursement: An amount disbursed and deposited by the government based on the amount of self-deposit made by a child and youth savings account applicant.
6. Savings: The opening deposit, self-deposits, government disbursements, and interest to which a child and youth savings account applicant is entitled.

The central competent authority is in charge of the following:
1. The development, establishment, and promotion of policies, regulations, and measures regarding child and youth savings accounts, as well as relevant international exchanges;
2. The creation of child and youth savings accounts as well as the development, discussion, and supervision of deposit and withdrawal mechanisms;
3. Supervision, coordination, and incentives regarding tasks carried out by the competent authorities at municipality/city/county levels in relation to child and youth savings accounts;
4. Other national affairs pertaining to child and youth savings accounts.

The competent authorities at municipality/city/county levels are in charge of the following:
1. The advancement, enforcement, and promotion of child and youth savings accounts;
2. The planning and implementation of relevant assistance and services for child and youth savings account applicants and their families;
3. Other local affairs pertaining to child and youth savings accounts.

The Act is applicable to children and youth who meet any of the following criteria:
1. Those who come from low-income or lower-middle-income households, as defined in the Public Assistance Act, and are born on or after January 1, 2016;
2. Those who shall receive placement for two or more years in accordance with applicable provisions of the Protection of Children and Youths Welfare and Rights Act, and whose guardians are the competent authorities at municipality/city/county levels or responsible persons of children and youth welfare institutions, as designated by the court;
3. Others announced or designated by the central competent authority.

Funds required by the competent authorities to carry out tasks pertaining to child and youth savings accounts shall be covered by budgets of governments at each level, except for government disbursements, which shall be covered by budgets of the central government.

The central competent authority shall regularly invite scholars, experts, civil associations, and representatives of relevant agencies to discuss, offer advice about, and promote affairs pertaining to child and youth savings accounts. The central competent authority may also invite representatives of child and youth savings account applicants to attend such meetings as observers if necessary.
The number of the aforesaid scholars, experts, and representatives of relevant agencies of either gender shall not be less than one third of the total number of such persons.

The central competent authority shall, every year, announce the results of applications for child and youth savings accounts, and shall, every four years, conduct research on the processing of such applications and announce research results.