"Increase Financial Education for the Public to Enhance Policy Effectiveness"

21st 'Korean Economic Association Economic Education Committee Symposium'
"Our people have high interest in national finance but low awareness"
"Taxpayer consciousness can also be cultivated through education"

A suggestion has been made that lifecycle-based national fiscal education for the general public is necessary to strengthen public trust in fiscal policy and to properly realize the effects of fiscal policy.

On the 21st, Park Yong-joo, President of the Korea Fiscal Information Service, made this claim at the 'Symposium of the Economic Education Committee of the Korean Economic Association,' hosted by the Korean Economic Association and the Korea Development Institute (KDI), held at the Bankers' Hall in Jung-gu, Seoul, under the theme 'How Should Our Country's Fiscal Education Be Conducted?'

President Park said, "It is widely known that public trust in the competence and policy will of monetary authorities affects the effectiveness of monetary policy," adding, "This trust can be further strengthened through policy communication as well as fiscal education."

Regarding the current status of economic education in our country, President Park pointed out, "Although education is expanding, the level of understanding of the overall role of national finance is relatively low," and "Many citizens do not feel the effects of tax and fiscal policies."

Since people do not feel the effects of tax and fiscal policies, their taxpaying consciousness also declines. According to the Korea Institute of Public Finance, as of 2022, the proportion of people showing voluntary taxpaying consciousness was 42%, which has been on a decreasing trend compared to ten years ago. President Park said, "Fiscal education is necessary to strengthen public trust in fiscal policy and to improve taxpayer consciousness."

According to the Fiscal Information Service, while the status of tax and fiscal education in curricula is being strengthened overseas, in Korea, the 2022 revised curriculum removed 'Economics' from general elective subjects, increasing the likelihood of weakening the function of tax and fiscal education. In the UK, fiscal-related content is taught in the economics area of the citizenship subject at the high school level, and in Germany, the Ministry of Finance produces tax and fiscal education materials and distributes them for use in middle and high school classes.

The inadequate economic education system also leads to a deterioration in public perception of tax and fiscal policies. According to the Fiscal Information Service's 'Survey on Public Perception Levels of Fiscal Awareness,' 50-60% of respondents showed interest in major national finances, but the recognition level was only about 10-30%.

President Park expressed concern, saying, "In Korea, fiscal education by specialized institutions is mainly practical training for public sector officials, and a tailored tax and fiscal education system for elementary, middle, and high school students and the general public remains relatively weak," emphasizing that education for the general public should be expanded.

On the 21st, at the Korea Economic Association Economic Education Committee Symposium held at the Bankers Hall in Jung-gu, Seoul.

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