"Digital Financial Literacy of Koreans Scores 59...Below OECD Minimum Target"

Korea Financial Consumers Protection Foundation Survey of 2,500 Respondents

A recent survey has found that the digital financial literacy of South Koreans falls below the minimum target set by the Organisation for Economic Co-operation and Development (OECD).

The Korea Financial Consumers Protection Foundation announced on the 18th that it had administered the OECD's digital financial literacy assessment to 2,500 consumers nationwide, aged 19 to 69. The overall average score was 59.3 out of 100, which is lower than the OECD's minimum target score of 70.

Through the survey questions, the foundation assessed knowledge of key digital financial services and products such as internet banking and virtual assets, as well as consumer understanding of personal information security and legal responses.

By age group, those in their 50s scored the highest with an average of 60.9 points, followed by those in their 40s (60.8 points) and 60s (60.5 points).

Respondents in their 20s had the lowest average score at 54.2 points. In particular, they were found to be especially lacking in awareness regarding personal information protection.

In terms of usage rates by financial sector, banks (99.2%) and credit cards (93.6%) showed the highest rates, followed by financial investment (72.6%) and insurance (66.1%).

A foundation representative stated, "While digital finance has become widespread, basic understanding of digital finance remains insufficient," adding, "We believe there is an urgent need for tailored education based on age and other factors."

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