Urgent Need to Strengthen Digital Transaction Skills for Consumers Aged 70 and Above

Korea Consumer Agency, Survey Results from 4,000 Adults

Definition of Consumer Competency Areas. (Photo by Korea Consumer Agency)

[Asia Economy Reporter Lim Chun-han] It has been found that strengthening the digital transaction capabilities of elderly consumers aged 70 and over in South Korea is urgent.

On the 20th, the Korea Consumer Agency announced the results of a survey conducted from June to July on 4,000 adults aged 20 and over nationwide to assess the consumer capability levels of Korean adults. The Consumer Capability Index is an indicator that shows the abilities required to effectively perform the role as a consumer. It is converted into a score out of 100 by applying weights to three areas: consumer financial capability, consumer transaction capability, and consumer civic capability.

In this survey, the consumer capability index of Korean consumers was 66.2 points, an increase of 0.7 points compared to the 2018 survey. By age group, those in their 30s scored the highest at 70.3 points, while elderly consumers aged 70 and over scored the lowest at 56.4 points. Consumer capability tended to increase up to the 30s and 40s, then sharply decline from the 60s.

In particular, the average digital transaction capability was 56.4 points, but there was a significant gap by age. The digital transaction capability of those in their 20s was 67.2 points, but it sharply dropped to 31.3 points for those aged 70 and over, indicating the need to prepare measures to close this gap. The consumer financial capability of those in their 20s was 64.4 points, which was lower than that of those in their 60s (65.7 points) and similar to those aged 70 and over (61.3 points).

The Korea Consumer Agency stated that it plans to utilize the results of this survey in establishing the 6th Basic Consumer Policy Plan, which comprehensively presents the direction of consumer policy, and will strive to strengthen consumer capabilities and close gaps through cooperation with related ministries and agencies in the future.

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