{"id":2204789,"date":"2024-04-22T16:25:25","date_gmt":"2024-04-22T07:25:25","guid":{"rendered":"https:\/\/koreapro.org\/?p=2204789"},"modified":"2024-04-23T18:26:26","modified_gmt":"2024-04-23T09:26:26","slug":"financially-illiterate-south-koreans-put-nations-economic-future-at-risk","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/04\/financially-illiterate-south-koreans-put-nations-economic-future-at-risk\/","title":{"rendered":"Financially illiterate South Koreans put nation\u2019s economic future at risk"},"content":{"rendered":"

Despite South Korea\u2019s high education levels, with <\/span>over 70%<\/span><\/a> 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.<\/span><\/p>\n

Recent surveys consistently reveal that South Koreans lack a solid grasp of economics and finance. The <\/span>2018 S&P\u2019s global financial literacy survey<\/span><\/a> 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.<\/span><\/p>\n

This deficiency in understanding economics and finance has led to risky financial behaviors, such as excessive borrowing and a rising delinquency rate among young Koreans, particularly those in their twenties and thirties. As a result, many young adults find themselves trapped in debt, struggling to repay loans taken out during the pandemic when interest rates were at an all-time low.<\/span><\/p>\n

In response, the South Korean government started <\/span>compiling<\/span><\/a> national data in 2021 to assess citizens\u2019 level of economic and financial understanding.<\/span><\/p>\n

\u201cIf you look at the <\/span>2023 report<\/span><\/a> by the Korea Development Institute, South Koreans consistently score below 60. Specifically, they show the least understanding of <\/span>monetary policy transmission mechanism<\/span><\/a> among other areas measured,\u201d Lee Ok-won, the head of the advisory committee at the Korea Council on Economic Education (KCEE), said.<\/span><\/p>\n

Experts attribute South Koreans\u2019 risky financial behaviors, such as taking out excessive bank loans, to their pervasive lack of financial understanding.<\/span><\/p>\n

\u201cWhen taking out loans, it is essential to first make sound judgments by assessing many factors, including one\u2019s yearly income and interest rates, which can fluctuate depending on economic situations,\u201d Lee Eun-hee, a professor of consumer science at Inha University, told <\/span>Korea Pro<\/span><\/i>.<\/span><\/p>\n

\u201cMany young Koreans decided to take out loans without considering their financial capacity to repay during the pandemic when the interest rate hit an all-time low. The consequences of such indiscriminate borrowing are now evident as many grapple with snowballing debts due to higher interest rates,\u201d Lee added.<\/span><\/p>\n

The delinquency rate among Koreans in their twenties and thirties is on the rise. As of June 2023, people under 30 accounted for <\/span>nearly 30%<\/span><\/a> of the total population classified as defaulters by financial institutions.<\/span><\/p>\n

\"\"

A person making calculations | Image: Canva<\/em><\/p><\/div>\n

EDUCATION VOID\u00a0<\/b><\/p>\n

The absence of financial education in schools significantly contributes to the erroneous financial choices made by young people, according to experts.<\/span><\/p>\n

\u201cSouth Korea has not mandated economics or finance for high school students,\u201d said Lee Ok-won from KCEE.<\/span><\/p>\n

South Korean high school students take mandatory subjects like Korean, mathematics, English and history for the college entrance exam. They also choose electives from social studies, science, or vocational studies. Economics is <\/span>one of nine electives<\/span><\/a> in the field of social studies.<\/span><\/p>\n

According to the Korea Institute for Curriculum and Evaluation, only <\/span>1.1%<\/span><\/a> of South Korean high school students chose economics as their elective subject for this year\u2019s college entrance exam, a significant drop from the peak of 16% in 2007 and 6% in 2012.<\/span><\/p>\n

Experts attribute this decline to the perceived difficulty of the subject amid fierce competition for admission to prestigious universities.<\/span><\/p>\n

\u201cHigh school students often strategically choose subjects they can excel in to increase their chances of getting into top universities,\u201d Lee Choon-hee, a Seoul-based education reporter, told <\/span>Korea Pro<\/span><\/i>.<\/span><\/p>\n

\u201cEconomics is seen as a challenging subject due to the extensive theories taught, and those who take it are usually from private high schools with a clear goal of pursuing it in college and as a career.\u201d<\/span><\/p>\n

The low number of students taking economics has led many public high schools to stop offering the subject, as they fail to meet the minimum required number of students, typically set at 15.<\/span><\/p>\n

As economics becomes less prevalent in schools, financial understanding among high school students has <\/span>worsened<\/span><\/a> compared to a decade ago, according to a recent survey. Concerns have also been raised about the lack of expertise among instructors.<\/span><\/p>\n

In South Korea, most aspiring teachers major in education to become certified. However, colleges rarely have departments dedicated solely to economics or finance.\u00a0<\/span><\/p>\n

\u201cEconomics courses are taught alongside other social sciences like political science, philosophy, ethics, sociology and anthropology in the <\/span>Social Science Department<\/span><\/a>. As a result, high school economics teachers are social science majors with only partial economics training,\u201d reporter Lee added.<\/span><\/p>\n

\"\"

Investment changes amidst fluctuating property values in Seoul | Image: Canva, edited by Korea Pro<\/p><\/div>\n

UNINFORMED INVESTING<\/b><\/p>\n

Experts caution that many students who enter adulthood without proper financial education fail to fully grasp the ramifications of accumulating debt and the enduring impact of delinquency on their credit ratings and future employment prospects, leading to indiscriminate borrowing and investments.<\/span><\/p>\n

These risky financial behaviors peaked during the pandemic when South Korea\u2019s interest rate plummeted to a record low of <\/span>0.75%<\/span><\/a>. Seizing this opportunity, many young South Koreans secured loans to invest in housing, stocks and cryptocurrencies.<\/span><\/p>\n

During this period, terms such as \u201cyeongkkeul,\u201d meaning “to invest everything one has, even one\u2019s soul,\u201d and \u201cbittu,\u201d referring to \u201cincurring debts to invest,\u201d emerged to <\/span>characterize<\/span><\/a> many young Koreans\u2019 enthusiasm for high-risk, high-return investments.<\/span><\/p>\n

Moreover, many young Koreans who engaged in social distancing for extended periods during the pandemic found themselves increasingly relying on social media, where many individuals <\/span>promoted<\/span><\/a> purchasing real estate or investing in Bitcoin as the quickest path to wealth.<\/span><\/p>\n

\u201cOur society <\/span>encourages<\/span><\/a> young people to invest without providing adequate financial education or emphasizing the consequences of incurring debts,\u201d Lee Eun-hee, a professor of consumer science at Inha University, told <\/span>Korea Pro<\/span><\/i>. \u201cInstead of saving for the future, many young Koreans believe they can become rich instantly by making big investments without fully understanding the associated risks.\u201d<\/span><\/p>\n

Lee Na-young, a financial consultant from Mirae Asset Financial Group, told <\/span>Korea Pro<\/span><\/i> that when she asked young clients why they wished to invest in the stock market, many replied that they were told to do so by colleagues or friends.<\/span><\/p>\n

\u201cThe fear of missing out and peer pressure play a more significant role in determining young people\u2019s investment decisions than a thorough analysis of a company\u2019s financial performance,\u201d she added.<\/span><\/p>\n

In the post-pandemic era, young Koreans face the consequences of their indiscriminate investments. The Bank of Korea <\/span>aggressively raised<\/span><\/a> the benchmark rate starting in 2022 and has kept it at <\/span>3.5%<\/span><\/a> since late last year.<\/span><\/p>\n

Unable to manage their ballooning debts, some individuals have turned to <\/span>illegal lenders<\/span><\/a> who impose exorbitant interest rates, ultimately trapping them in a vicious cycle.<\/span><\/p>\n

\"\"

A man protests against various fees | Image: Citizens’ Coalition for Economic Justice<\/a><\/em><\/p><\/div>\n

GOING FORWARD<\/b><\/p>\n

The excessive debt burden carried by young Koreans has far-reaching consequences for the national economy. It hinders their financial independence and exacerbates the country\u2019s household debt to GDP ratio, which is already the <\/span>highest<\/span><\/a> among the world\u2019s 34 major economies, according to the latest report by the Institute of International Finance.<\/span><\/p>\n

South Korea\u2019s record-low birth rates and aging population compound this issue. Government estimates suggest that the nation\u2019s state pension reserve will be <\/span>depleted<\/span><\/a> by 2054, underscoring the critical importance of early post-retirement planning.<\/span><\/p>\n

\u201cLess than 10% of young adults recognize the importance of enhancing retirement assets and having individual pension plans,\u201d Lee from Mirae Asset said about Koreans in their twenties and thirties.<\/span><\/p>\n

To address the problem of excessive debt and promote financial independence among young people, experts have advocated making economics a mandatory subject for high school students and increasing access to financial education at various life stages.<\/span><\/p>\n

In response to these calls, a lawmaker from the Democratic Party of Korea <\/span>proposed<\/span><\/a> a bill last year mandating economics and finance throughout all school years, starting from elementary school. The bill is currently pending approval at the National Assembly.<\/span><\/p>\n

However, even if the bill is approved, its feasibility remains uncertain due to challenges such as securing qualified teachers and the cost of developing and implementing the program across elementary, middle and high schools.<\/span><\/p>\n

\u201cThe government must prioritize allocating more of the national budget to expand economics and finance education at all school levels and foster expertise among teachers,\u201d Lee Ok-won from KCEE said, stressing the urgency of government action.<\/span><\/p>\n

\u201cThe public and private sectors need to collaborate closely to raise financial literacy by offering tailored financial education classes outside of school for citizens of all ages.\u201d<\/span><\/p>\n

Edited by John Lee<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a>Culture & Society<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

Despite South Korea\u2019s 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\u2019s global financial literacy […]<\/p>\n","protected":false},"author":10781,"featured_media":2204792,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[24,25],"class_list":["post-2204789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-business-economy","tag-culture-society"],"yoast_head":"\nFinancially illiterate South Koreans put nation\u2019s economic future at risk - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/04\/financially-illiterate-south-koreans-put-nations-economic-future-at-risk\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financially illiterate South Koreans put nation\u2019s economic future at risk - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"Despite South Korea\u2019s 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. 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