Songpa District Officials Study Financial Management After Work

Asset Management Course for Public Officials Fills Up in One Minute
"District Mayor to Personally Oversee Employee Welfare"

"It was rare for public officials to have the opportunity to receive systematic financial management education, so I was glad that this course was created, allowing us to learn about various fields. There is a lot of information available on social media and in the news, but it is often disorganized and difficult to understand. Thanks to this training, I was able to properly grasp the concepts and gain practical experience."

Recently, Songpa District in Seoul has been receiving a great response for operating an 'Asset Management Competency Enhancement Training' program for public officials. This is due to the growing awareness that it is difficult to prepare for a stable retirement with only a public official's salary, which has led to increased interest in financial management and investment.

Ha Sungho, CEO of YU Partners, who appeared as a lecturer, is explaining the 'Private Equity Fund Investment Market' to public officials of Songpa District Office on the 22nd of last month. Provided by Songpa District Office.

The training was held every Wednesday evening after work hours in a lecture room (Songpa Academy) within Songpa District Office. Starting on September 3 and running until October 29, it was conducted over eight sessions, each lasting 90 minutes.

This is the first time Songpa District has invited external lecturers to offer customized financial management courses for beginner-level employees. Until now, economic and financial management education had only been provided to residents, especially young people.

The asset management course was so popular that the 30-person limit was reached within just one minute of opening registration. The General Affairs Division, which organized the course, eventually increased the number of participants by 10 beyond the original limit. The sessions covered a variety of topics, including 'Financial Planning Considering Public Officials' Pensions,' 'Risk and Asset Management Using Insurance Products,' 'Essential Knowledge from Financial Statements,' 'Building Your Own Investment Portfolio,' 'The World of Private Equity Investment,' and 'How to Find Good Companies and Stocks,' delivering beginner to intermediate-level financial management knowledge.

Lee Minha, a team leader who participated as a student, said, "Through this training, I want to study more about pensions and retirement funds and try investing, even if it's a small amount."

This kind of training was also planned as part of employee welfare. In recent years, the number of young public officials leaving government service has increased due to relatively low salaries and work environments, leading to a decline in morale. While Songpa District has been attentive to staff welfare-being ranked first nationwide in the 'Best Practices in Employee Welfare Projects' evaluation organized by the Ministry of Personnel Management-it is still concerned about the 'Millennials & Gen Z public official exodus.'

About 20 years ago, the competition ratio for the Seoul public official exam exceeded 100 to 1, but in recent years, it has dropped to around 10 to 20 to 1, reflecting this trend. According to the National Statistical Portal of Statistics Korea, the number of young people (aged 20 to 34) preparing for the general public official exam fell from 313,000 in 2021 to 129,000 this year.

Lee Yujin, a team leader in the General Affairs Division, said, "We plan to continue operating the asset management training program to reflect employees' interests and current trends. We are considering subdividing investment areas such as stocks, real estate, pensions, and tax savings, and providing customized courses and one-on-one financial planning support through professional consultations based on employees' age and level of understanding."

Seo Kangseok, the head of Songpa District Office, stated, "As district mayor, I will personally take care of employee welfare to ensure that our staff can work with even greater enthusiasm."