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Korean Adults Outperform Global Peers in Financial Literacy, Survey Reveals

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A banking division focused on loans in Seoul [NEWS1]

A report released on Tuesday indicated that Korean adults have a higher level of financial literacy compared to the average set by the Organisation for Economic Co-operation and Development (OECD).

A survey conducted jointly by the Bank of Korea and the Financial Supervisory Service revealed that the financial literacy among South Korean adults ranging from 18 to 79 years old scored an average of 65.7 out of 100 in 2024, which represents a decline from the previous score of 66.5 recorded in 2022.

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Nevertheless, this figure remained above the OECD's average score of 62.7 points.

The financial literacy assessment was carried out following guidelines established by the International Network on Financial Education (INFE), which is associated with the OECD. This evaluation measures literacy across three areas: understanding of finance, financial practices, and attitudes towards money management.

Each nation carries out the financial literacy assessment every two or three years.

Yonhap

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