Koreans Score Poorly on Financial Literacy

      July 13, 2016 12:00

      Koreans ranked among the lowest in Asia when it comes to personal finance and other economic issues.

      Korea came 12th out of 17 in the Financial Literary Index by Master Card with a score of just 61 out of 100 points.

      The survey was conducted among 8,718 people in 17 Asian countries last year to gauge their knowledge of areas ranging from asset management to financial planning.

      Singapore came an unsurprising first with 71.3 points followed by Taiwan and New Zealand (71.1 points), Hong Kong (68.6 points) and Australia (67.8 points).

      China ranked eighth (67 points), followed by Sri Lanka (66.9 points) and Indonesia (62.1 points).

      Korea ranked a poor 16th in the category of budget management, scoring only 70.3 points, and 15th in terms of asset management and understanding of financial statements, scoring a paltry 39.2 points.

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