South Korea’s financial literacy tops OECD average despite decline

South Korean adults scored higher than the OECD average in financial literacy despite a slight decline from previous years, a survey by the Bank of Korea and the Financial Supervisory Service showed. South Koreans aged 18 to 79 scored 65.7 out of 100 in 2024, down from 66.5 in 2022, but above the OECD average of 62.7. The assessment, based on financial knowledge, behaviour and attitude, found that financial attitude scores improved, while knowledge and behaviour scores slipped slightly. Individuals in their 40s posted the highest literacy scores, while those aged 70 and above scored the lowest. Higher income groups also demonstrated better financial literacy. Authorities plan to strengthen financial education programmes, particularly targeting vulnerable groups such as senior citizens.