Strengthening Financial Education... Establishment of Integrated Elective Course 'Finance and Economic Life' in High Schools

Financial Education Council Approves '2022 Financial Education Enhancement Plan'

[Asia Economy Reporter Kwangho Lee] Financial education in school curricula will be strengthened.

On the 21st, the Financial Services Commission (FSC) announced that it held the 2nd Financial Education Council chaired by Do Gyu-sang, Vice Chairman of the FSC, and resolved the "Plan to Strengthen Financial Education in Response to Changes in the Financial Environment such as Digital Transformation."

First, the methods of delivering financial education will be diversified.

Experiential education methods such as board games and financial experience centers will be expanded so that learners can study finance more enjoyably. The Financial Supervisory Service and various associations will develop and disseminate educational content utilizing digital new technologies such as the metaverse.

Additionally, financial education within school education will be strengthened. Currently, financial topics are included in subjects like social studies and technology and home economics in elementary and secondary education, but their proportion is not high. However, in next year's revised curriculum, referencing overseas cases such as the United States and the United Kingdom, the content will be enhanced to improve financial competency by linking it to real-life situations in related subjects.

In the high school curriculum, a new integrated elective subject called "Finance and Economic Life," which separately includes financial-related content, will be newly established.

Efforts will also be made to solidify the financial education promotion system. From the end of next year, participation of private experts in financial education policy-making will be further activated, and regional financial education networks will be strengthened. Four working groups by life cycle stages from childhood to old age, along with a special group for vulnerable groups, will operate as permanent consultative bodies, and customized education programs for vulnerable groups will also be developed.

An FSC official said, "We will gradually implement the detailed tasks announced together with related ministries such as the Ministry of Education and the Ministry of Economy and Finance, as well as affiliated organizations."