Korea seeks to eradicate 'financial illiteracy'

The Financial Services Commission at the Government Complex in Seoul / Korea Times file

By Park Jae-hyuk

The Financial Services Commission (FSC) said Monday it will come up with comprehensive measures in December for systematic and effective financial education, in order to eradicate the county's “financial illiteracy” which has been regarded as the reason for excessive debt and bankruptcy.

The financial regulator is also considering discussing with the Ministry of Education to include finance among compulsory subjects at schools.

According to the FSC, the decision has been made as calls have been growing for the government to take measures for teenagers who have tended to borrow money illegally and for senior citizens who have been isolated in the finance market amid the digitization trend.

Although the FSC has taught finance classes at schools and private organizations, it has been considered inadequate for teenagers and senior citizens to cope with various difficulties.

The regulator therefore decided to survey citizens, students and instructors this year from August to October to understand what they want from financial education.

Based on the survey, it will establish a long-term strategy for senior citizens to adapt to the digital environment and for teenagers to avoid fraud.