Average National Economic Literacy Score 58.7... 70s Age Group Scores Lowest at 46.8

The average economic literacy score of the public was 58.7 points, slightly higher than two years ago (56.3 points). However, it still falls short of 60 points, and the score of the elderly aged 70 and above was pointed out as urgently needing economic education, with a score of 46.8 points.

The Ministry of Economy and Finance announced on the 29th that the average score was 58.7 points in the "2023 National Economic Literacy Survey" conducted from September to November last year targeting 3,000 South Korean citizens aged 18 to 79.

The economic literacy survey is designed to assess the effectiveness of economic education and set directions for social economic education promotion. This is the second time it has been conducted since its first implementation in 2021.

The average score increased by 2.4 points compared to the 2021 survey but still did not reach 60 points.

By age group, those in their 30s scored the highest with 63.8 points, while those in their 20s and 40s also exceeded 60 points with 61.9 and 60.9 points respectively. Those in their 50s scored 59.9 points, 60s scored 53.6 points, and those in their 70s scored 46.8 points, all below 60 points. Educational level also affected economic scores. Those enrolled in or above university scored 64.4 points, whereas those with middle school education or below scored 44.6 points, showing a 19.8-point difference.

There was also a significant score gap between the metropolitan area (61 points) and non-metropolitan areas (56.2 points). By income level, the income group earning 3 million to 3.99 million KRW per month scored the highest with 61.9 points, followed by the 2 million to 2.99 million KRW and 4 million to 4.99 million KRW income groups, both scoring 59.9 points. The income group earning over 5 million KRW scored 58.9 points, and the group earning less than 2 million KRW scored the lowest at 52.9 points.

By question, as in the 2021 survey, the question about the principle of supply and demand had the highest correct answer rate (79.2%), while financial topics such as the ripple effect of the base interest rate (35.3%) and time deposits (37.1%) had low correct answer rates.

Respondents showed great interest in economic issues but had little experience with economic education. 40.1% answered that they were "interested" in economic issues, surpassing the 21.8% who said they were not interested. However, 96% of respondents said they had "not received any economic education outside of school curricula in the past three years."

The reasons cited were lack of information and infrastructure. Among respondents who had no experience with economic education outside of school, 40.3% selected "lack of information about economic education" as the reason, and 38.1% said "there is insufficient infrastructure for economic education for adult learners." This highlights the urgent need for economic education in society. 82.3% responded that "economic education outside of school is necessary."

Based on the results of this survey, the government will quantitatively and qualitatively strengthen economic education content outside of school and improve accessibility to the economic education infrastructure. The government plans to enhance cooperation among related institutions to provide various content within the "Digital Economic Education Platform" scheduled to launch in June, and produce and distribute a "Youth Economic Education Starter Pack" compiling essential economic knowledge for young people entering society within this year.

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