South Korean Adults' Financial Literacy Score 67 Points... 5th Place in OECD

The Financial Supervisory Service announced on the 7th that according to the financial literacy survey conducted in 2022 by the International Network on Financial Education (INFE), a global cooperative organization under the Organisation for Economic Co-operation and Development (OECD) focused on economic and financial education, the total financial literacy score of Korean adults (aged 18 to 79) was 67 points.

This score ranks 8th among the 39 participating countries (average 60 points). Among OECD member countries (average 63 points), it ranks 5th.

Financial literacy is a concept encompassing the financial knowledge, attitudes, and behaviors necessary for individuals to make sound financial decisions and ultimately achieve financial well-being. The financial literacy survey is conducted by member countries every 2 to 3 years following the standard methodology established by INFE, with results reported accordingly.

By category, Korea’s financial attitude score was 56 points, slightly below the OECD average (58 points), but its financial knowledge (76 points) and financial behavior (66 points) were higher than the OECD averages (financial knowledge 67 points, financial behavior 62 points). The financial knowledge and attitudes of domestic adults have continued to improve, rising by 3 points and 1 point respectively compared to 2020.

However, the digital financial literacy survey results did not reach this level. The total digital financial literacy score of Korean adults was 43 points, lower than both the OECD average (55 points) and the overall average (53 points). Digital financial knowledge and financial behavior scored 52 points and 41 points respectively, both below the OECD averages (51 points and 58 points respectively).

The authorities stated, “While digital financial knowledge is similar to the OECD country average, digital financial behavior and attitudes recorded significantly lower scores,” adding, “This is because most of the questions focused not on digital utilization skills, which are a strength of our people, but on digital security-related issues.”

Regarding these results, the Financial Supervisory Service said, “To enhance balanced financial literacy nationwide, it is necessary to strengthen financial attitude education that fosters sound financial perspectives corresponding to the high level of financial knowledge.” It also noted, “Since Korea’s digital security-related literacy scores were evaluated as low, it is necessary to reinforce digital security education in future economic and financial education programs.”

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