Abstract
This study compares Korean and Japanese college students financial literacy to identify their relative strengths and weaknesses, as well as subject matters of poor understanding. Overall, Korean students perform significantly better on a financial literacy test than Japanese students. Korean students demonstrate relative weakness on concepts such as insurance, the relationship between education level and income, the source of national pension, credit scores, and cost-benefit analysis. Korean students also struggle with auto insurance coverage and the relationship between interest rates and bond prices. The results suggest that the determinants of financial scores differ significantly between students from the two countries, with some coefficient estimates having opposite signs. For Korean college students, majors in economics or related fields and students with a positive attitude toward money are significantly more likely to be knowledgeable about personal finance. In addition, a family s economic status, reading economic news, math skills, and investment experience are significant predictors of an individual s financial literacy.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: The Institute for Education and Research Gyeongin National University of Education
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
