FSS offers financial education to foreign residents
A poster for the "Financial Guide Book for Foreigners in Korea" provided by the Financial Supervisory Service (FSS) / Courtesy of FSS
The Financial Supervisory Service (FSS) launched financial education initiatives for foreign residents in Korea, installing educational materials in bank branches specialized for foreigners across the country, officials said Tuesday.
Foreign-specialized branches are bank locations established in response to the increase in the number of foreign workers, providing services such as holiday operations and interpretation.
The country’s financial watchdog said it installed materials containing financial education content for foreign nationals at 88 such branches.
The materials include informational texts in eight different languages as well as QR codes linking to a copy of the “Financial Guide Book for Foreigners in Korea” and relevant videos.
The guidebook contains essential information, including how to use banks. The videos feature consultations between foreigners and financial experts, providing valuable insights and advice.
According to government data, the number of foreign workers entering the country on nonprofessional employment (E-9) visas has risen from 159,000 at the end of 2021 to 247,000 by the end of 2023.
In response to this trend, the number of foreign-specialized bank branches nationwide increased from 61 in November 2021 to 88 in September this year.
The FSS explained that while financial education is crucial for helping foreign consumers to adapt to the domestic financial environment, opportunities for education have been limited due to time and language constraints.
It added foreign workers often struggle to find time for education due to their work schedules, and those who are not proficient in Korean face difficulties in searching for relevant content on their own.
“To ensure that foreigners residing in Korea do not face difficulties in their financial lives, we will provide relevant information to embassies and other related organizations,” an FSS official said. “We will continue to expand financial education content.”