Financial Services Commission Supports Activation of School Financial Education... Holds Visiting Briefing Sessions

The financial authorities have decided to hold nationwide briefings and visit educational sites to promote the new high school finance course to be established next year. They will also enhance the effectiveness of financial education by developing an evaluation model and revamping the financial education platform.

On the 25th, the Financial Services Commission announced that Vice Chairman Kim So-young held the '2024 2nd Financial Education Council.' Officials from related ministries and private experts attended to discuss measures to revitalize high school financial education and establish a systematic cooperation framework.

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In her opening remarks, Vice Chairman Kim said, "To prevent issues recently arising such as illegal gambling among youth and illegal financial use through mobile phone cashing, it is essential to implement financial education within school curricula." She added, "Especially from next year, students will take finance courses to acquire necessary financial knowledge, cultivate sound financial decision-making skills, and be encouraged to lead a healthy financial life throughout their lifetime."

She continued, "We will strengthen customized education tailored to life cycle characteristics and provide educational content that precisely meets demands at critical financial decision points such as investment, loans, and housing contracts." She emphasized, "We will strive to improve the quality of financial education through objective performance evaluation and effectiveness measurement."

At this meeting, the 'Cooperation Measures to Revitalize Public Education for Enhancing the Effectiveness of Financial Education' were approved. With the introduction of 'Finance and Economic Life' as an elective subject in the high school curriculum starting next year, this plan aims to raise awareness of the importance of financial education within schools and actively support finance classes.

Accordingly, the FSC will hold briefings on the finance and economic life subject for schools, teachers, and students. In the second half of this year, briefings will be held targeting schools, and in the first half of next year, for schools and first-year high school students to explain the necessity of finance courses. To ensure no regions are excluded from financial education, the FSC plans to collaborate with the Ministry of Education and local education offices to hold regional briefings. A briefing scheduled for late December in the Seoul area will be attended by the Financial Services Commission Chairman (Vice Chairman) and the Director of the Financial Consumer Protection Bureau.

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In the first half of next year, the FSC and the Ministry of Education will jointly conduct site visits and teacher training sessions. They will visit various experiential financial education sites such as financial musicals, mock stock investment competitions, and financial clubs to deliver teaching materials and listen to suggestions. Additionally, they will support the training of specialized finance teachers by utilizing existing teacher training programs, including financial information education and teaching method consulting.

In January next year, the Deputy Prime Minister for Social Affairs and the FSC Chairman will visit teacher training sites in the Chungcheong and Sejong regions, and in March, the Deputy Minister of Education and the FSC Vice Chairman plan to visit financial career musical sites in the Seoul and Gyeonggi regions. The first-level official of the Ministry of Education and the FSC Secretariat Chief will visit financial club sites in the Busan and Gyeongsang regions in May next year.

Furthermore, to improve the quality of financial education, an effectiveness evaluation model for programs will be developed. The Financial Supervisory Service's financial education platform, 'e-Financial Education Center,' will also be revamped to allow a comprehensive view of the currently fragmented and individually conducted economic and financial education. To prevent financial damage in advance, effective education will be promoted through active cooperation among related agencies, strengthening on-site financial education and life cycle-tailored education.

On the day, the Financial Supervisory Service reported on financial education achievements and entrusted work plans up to last month. Following this, the Financial Consumer Protection Foundation presented the agenda of the '2024 Financial Education Survey,' sharing information on the rate of financial education experience, satisfaction with financial education, and future directions for financial education to lead a sound financial life.

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