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South Korea Ranks 8th in Financial Literacy Among OECD Countries

Daniel Kim Views  

South Koreans ranked eighth in financial literacy among the 39 countries that participated in a survey by the Organisation for Economic Co-operation and Development (OECD).

However, their understanding of digital finance was lower than the average of the OECD and 28 other countries, indicating a lack of awareness about financial security.

According to the “2023 OECD/INFE Financial Literacy Survey Results” announced by the Bank of Korea and the Financial Supervisory Service on the 7th, the financial literacy score of Korean adults in 2022 was 67 points.

This was higher than the average of 60 points among the 39 participating countries and surpassed 63 points among 20 OECD countries.

Although Koreans’ financial attitude score was slightly lower, their economic knowledge and behavior scores were 76 and 66 points, respectively, higher than the average of OECD countries.

Financial literacy is measured in financial knowledge, behavior, and attitudes.

The overall financial literacy score is calculated according to international standards (OECD/INFE).

The domestic survey was conducted from August 29 to November 30, 2022, and targeted adults aged 18 to 79.

On the other hand, the total score for digital financial literacy among Korean adults was 43 points, lower than the average of 53 points among the 28 participating countries and the average of 55 points among 16 OECD countries.

The Bank of Korea stated, “Our country’s understanding of digital security was evaluated as poor, and we will strengthen digital security education in future financial and economic education.”

Daniel Kim
content@viewusglobal.com

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