Despite South Korea’s high education levels, with over 70% of high school graduates entering higher education institutions as of 2022, the nation faces a significant problem: a lack of financial literacy among its citizens.

Recent surveys consistently reveal that South Koreans lack a solid grasp of economics and finance. The 2018 S&P’s global financial literacy survey ranked South Korea 77th out of 142 countries, with a rate of only 33%. The survey assessed four financial concepts: risk diversification, inflation, numeracy and compound interest.

This deficiency in understanding economics and finance has led to risky financial behaviors, such as excessive borrowing