South Korean adults’ financial literacy is higher than the Organization for Economic Cooperation and Development (OECD) average. (Image courtesy of Kobiz Media)
SEOUL, Mar. 7 (Korea Bizwire) — South Korean adults’ financial literacy is higher than the Organization for Economic Cooperation and Development (OECD) average, a report showed Thursday.
According to the survey by the Bank of Korea and the Financial Supervisory Service, the financial literacy of South Koreans aged between 18 and 79 came to 67 points out of 100 in 2022, higher than the OECD’s average of 63.
South Korea’s financial literacy level in 2022 was also higher than the 65 points earned in 2020 and ranked fifth among the OECD countries, according to the report.
The financial literacy test was conducted based on a guideline mapped out by the International Network on Financial Education (INFE), an OECD-affiliated organization. The test assesses literacy based on three sectors: financial knowledge, financial behavior and financial attitude.
The financial literacy test is conducted by each country every two or three years.
(Yonhap)
