Shinhan Bank leading financial education

The Korea Times

The Korea Times

Finance

Tue, September 26, 2023 | 19:11

Economy

Shinhan Bank leading financial education

Posted : 2016-05-11 16:56

Updated : 2016-05-11 19:35

Deputy Prime Minister and Minister of Education Lee Joon-sik, sitting on the left, participates in a banking transaction experience program offered by Shinhan Bank for grade school students in rural areas. / Courtesy of Shinhan Bank

By Yoon Ja-young

Financial knowledge is crucial to quality of life in a modern economy, but some children in rural areas don't even have the chance to visit a bank.

That is why Shinhan Bank launched its financial education program in 2012, after pondering what kind of social contribution it could make. Now, Shinhan is known for offering the best financial education in the country

The bank operates a special bus called the "Bank Bird" that visits children in rural areas so they can experience opening accounts, using debit cards and exchanging currencies in a mock-up bank.

Shinhan also provides a special program for students who want to explore their aptitudes and talents. The bank opened a financial education center for teenagers in downtown Seoul in 2013, where they can experience what it is like to work at a bank.

The bank also formed a financial education team that provides knowledge about finance and tips on the banking profession.

"We pondered over what kind of class middle-school students really want and need," said a staff member from the bank's financial education team. "We determined that instead of telling ‘how' they can become a banker, it should be about ‘what it is like' to be a banker."

So instead of providing lectures, the program gives students opportunities to experience the job ― opening accounts for customers and giving financial consultations at a mock-up bank counter.

To offer the best for the teenagers, Shinhan Bank updates the financial education team with the latest knowledge each year, on top of providing education content for quality classes.

The program is receiving wide acclaim from middle-school teachers and students.

"The teenagers that we meet through the program have huge potential," the financial education team member said. "Maybe some of them will grow up to lead commercial banks in the future and there may even be a World Bank president among them. Though the class is limited to a few hours, we are doing the best for each one of them so that we can help them nurture their dreams."

yjy@ktimes.com