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Korea's digital financial literacy far lower than OECD target: Survey

Published: 18 Nov. 2025, 20:52

People line up at a currency exchange store in Myeongdong, central Seoul, on Nov. 14. [YONHAP]

Koreans' understanding of digital financial services is far lower than the minimal target set by the Organisation for Economic Cooperation and Development (OECD), a survey showed Tuesday.

Koreans scored an average 59.3 points out of 100 in terms of digital financial literacy, according to a survey conducted by the Korea Financial Consumers Protection Foundation on 2,500 individuals aged 19 to 69.

The score is over 10 points lower than the OECD's minimum target of 70, the threshold separating those with a low understanding of digital services from those with a high understanding.

The survey tested people's understanding of digital financial services and products, such as online banking and virtual assets, and their understanding of privacy and security standards.

By age group, respondents in their 50s scored the highest, with an average of 60.9 points, followed by those in their 40s and 60s, who averaged 60.8 points and 60.5 points, respectively.

Respondents aged 30 or less were the least educated, with their average score coming to 54.2 points, according to the survey.

In contrast, Koreans were active users of digital financial services.

More than 90 percent of respondents said they have used digital payment services, including those that use face recognition or fingerprints for authentication.

Over 60 percent said they use open banking, a service that allows customers to share their financial data with other banks or financial institutions, according to the survey.

Yonhap