The Financial Services Commission announced on the 21st that it held the first meeting of the Financial Education Council in 2022 presided over by Vice Chairman Kim So-young.
The Financial Education Council, which has been operating autonomously since 2007, was reorganized into a financial education policy review and decision-making body in accordance with the Financial Consumer Protection Act that took effect last year.
The council decided to resume face-to-face financial education, which had been contracted due to social distancing, while also promoting the improvement of non-face-to-face education by expanding high-quality online content.
The proportion of non-face-to-face financial education increased from 4.5% in 2020 to 44.2% last year in the aftermath of the novel coronavirus infection (COVID-19).
The council also decided to form a ‘financial competency research team’ made up of experts in the field of financial education to diagnose financial consumer capabilities and conduct a financial capability survey next year.
In addition, it is decided to respond to new education demands by strengthening collaboration with local governments and public institutions, and to operate customized financial education programs in consideration of the characteristics of education consumers.
In his remarks on the same day, Vice Chairman Kim emphasized that “the need for financial education is growing to respond to the increasing volatility of the economy and financial markets, the spread of digital financial services and the increasing damage from financial fraud.”
“In line with the paradigm shift of expanding non-face-to-face financial education, we will strive to help all financial consumers strengthen their financial capabilities,” he said.
Meanwhile, at the meeting on the same day, the council voted on the enactment of regulations for the operation of the Financial Education Council, which includes detailed operating methods and rules for the basis of the banquet meeting.
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