Financial Services Commission Provides Customized Financial Education Content for Youth... Collaboration with Shinhan Card and Woori Bank

Notice on Sending Financial Education Content for Young Adults
Expecting Expansion to Other Industries and Financial Institutions

On the 3rd, the Financial Services Commission announced that as the first step in financial education for young people aged 20 to 30, it will collaborate with Shinhan Card and Woori Bank to provide customized financial education content tailored to the purpose, situation, and timing of transactions for university freshmen receiving card-combined student IDs and young adults receiving their first credit loans.

This pilot project is the first case implemented according to the measures to strengthen youth financial education discussed at the Financial Education Council last December. To foster proper financial habits among the 20-30 generation, it encourages the use of certified financial education content from public institutions. Recognizing that education is most effective when provided out of necessity, the project offers essential education to financial product users at the "teachable moment" such as card issuance and loan execution.

Accordingly, university freshmen will receive an educational video along with a card issuance completion message (notification talk) that covers the differences between debit and credit cards, key features of credit card services such as cash advances, card loans, installment payments, and revolving credit, as well as the overall impact of card usage on credit scores and credit management. For young adults entering the workforce, an educational video covering the concept, types, and repayment methods of loans will be sent together with the loan execution message (notification talk) at the time the credit loan is disbursed.

The Financial Services Commission plans to encourage participation from the entire financial sector so that this customized education case, which provides highly relevant financial education content at the time of product use, can be expanded to other sectors including financial investment, starting with young adults and workers opening securities accounts.

The Financial Services Commission stated, "Financial education will contribute to the formation of proper consumption habits and the enhancement of financial capabilities for economic independence among the 20-30 youth generation, which is expected to yield significant long-term effects."

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