Seoul: South Korean adults' financial literacy surpasses the average of the Organization for Economic Cooperation and Development (OECD), a report revealed.
According to Yonhap News Agency, a survey conducted by the Bank of Korea (BOK) and the Financial Supervisory Service (FSS) found that South Koreans aged between 18 and 79 scored 65.7 points out of 100 in financial literacy for 2024. This score marks a decrease from 66.5 points in 2022 but remains above the OECD average of 62.7 points.
The financial literacy assessment was based on guidelines set by the International Network on Financial Education (INFE), an OECD-affiliated organization. The survey evaluated financial literacy through three components: financial knowledge, financial behavior, and financial attitude.
This test is administered by each country every two or three years. In the financial attitude section, which gauges consumer preferences on spending and saving, South Koreans scored 53.7 points, an increase from 52.4 points in 2023. However, their financial knowledge score decreased by 1.9 points to 73.6 points last year, while their financial behavior score dropped by 1.1 points to 64.7 points on a year-on-year basis.
In terms of age groups, individuals in their 40s achieved the highest score at 68.4 points, followed by those in their 50s with 67.9 points and those in their 30s with 67.7 points. South Koreans in their 60s scored 64.7 points, while those in their 20s earned 62.6 points. Senior citizens aged 70 and older recorded the lowest score among all age groups at 59.3 points.
The survey also highlighted a correlation between income level and financial literacy. Individuals earning 70 million won (US$48,463) or more annually scored 68.8 points, while those earning less than 30 million won scored 59.7 points.
The Bank of Korea stated, "The government will focus on enhancing educational accessibility for vulnerable groups, including senior citizens, and will offer tailored financial education programs that meet customers' needs."