Seoul: South Koreans' understanding of digital financial services falls significantly below the minimum target set by the Organization for Economic Cooperation and Development (OECD), a survey revealed. South Koreans averaged a score of 59.3 out of 100 in digital financial literacy, according to a survey conducted by the Korea Financial Consumers Protection Foundation (KFCPF) involving 2,500 individuals aged 19 to 69.

According to Yonhap News Agency, the average score of 59.3 is more than 10 points lower than the OECD's minimum target of 70, which distinguishes those with a low understanding of digital services from those with a high understanding. The survey assessed people's knowledge of digital financial services and products, such as online banking and virtual assets, along with their understanding of privacy and security standards.

The survey highlighted differences in scores across age groups. Respondents in their 50s scored the highest, with an average of 60.9 points. This was closely followed by individuals in their 40s and 60s, who averaged 60.8 and 60.5 points, respectively. The survey found that respondents aged 30 or less had the lowest scores, with an average of 54.2 points.

In contrast to their low literacy scores, South Koreans were found to be active users of digital financial services. Over 90 percent of respondents reported using digital payment services, which include authentication methods like face recognition or fingerprints. Additionally, more than 60 percent of the participants stated they utilize open banking, a service that allows them to share their financial data with other banks or financial institutions.