Resolution on 'Basic Directions for Improving Financial Education' Including Financial Literacy Map Design

[Asia Economy Reporter Kim Hyo-jin] A 'Financial Literacy Map' is being designed as a national standard for the development of financial education content. Plans are also underway to enhance youth financial education by utilizing time after the Free Semester System and the College Scholastic Ability Test (CSAT).

The Financial Services Commission (FSC) announced on the 30th that it held a meeting of the Financial Education Council, a statutory body, on the 29th and resolved the 'Basic Direction for Improving Financial Education' under the goal of 'equipping individuals with the minimum financial capabilities necessary for life.'

The Financial Education Council was formed in accordance with the Financial Consumer Protection Act promulgated in March, consisting of six government ministries, 14 financial-related institutions, and five educational organizations including the Youth Financial Education Council. Son Byung-doo, Vice Chairman of the FSC, serves as the chairperson.

The Financial Literacy Map is a chart that organizes attitudes, knowledge, and skills necessary for sound financial life based on life cycle stages and financial situations.

The FSC plans to manage overall content by identifying the distribution status of content by educational area through the Financial Literacy Map and developing new content focusing on areas that are lacking.

The FSC will also establish an annual 'Basic Direction for Content Development' and introduce a 'Content Certification System' to ensure the reliability of content. The aim is to reduce the public's information search costs by marking content brands certified by the FSC.

Additionally, the FSC plans to diversify methods of delivering educational content by building an 'online content mall' that comprehensively provides services necessary to resolve everyday financial concerns such as financial and legal counseling communities, and by appointing YouTube creators as 'Finance Communicators.'

To secure quality educational personnel, the FSC will build a financial education instructor database that can integrate instructors managed by individual educational institutions and will also present 'training program guidelines.'

The FSC plans to activate self-directed and experiential education for youth and operate post-education management programs such as telephone counseling for the elderly.

The FSC also envisions developing and providing financial education programs applicable to the middle school Free Semester System. The focus will be on naturally learning correct financial attitudes and concepts such as stock investment returns and interest calculations based on simple and compound interest on deposits.

A system will also be established to allow students to receive at least two hours of financial education provided by private institutions during the middle school Free Semester System and after the high school CSAT period.

The FSC is considering establishing a 'Financial Education Center (tentative name)' as a dedicated organization for executing financial education policies. Furthermore, to build a dense regional financial education network, the number of participating institutions in the Regional Financial Education Council, currently operated mainly by local branches of the Financial Supervisory Service, will be significantly increased.

According to a survey conducted by Gallup Korea from September to November last year targeting 1,002 general public members, 791 education participants, 201 instructors, and 112 teachers, 68.6% of respondents answered that their financial knowledge was insufficient. Additionally, 85.3% were unaware of the operation of financial education programs.

An FSC official stated, "Together with the participating institutions of the Financial Education Council, we plan to discover and implement substantial detailed action tasks based on the basic direction resolved this time."

This content was produced with the assistance of AI translation services.