Personal Finance: An International Perspective

This chapter outlines a brief history of South Korean financial planning education, research, and practice along with policy issues associated with promoting financial consumer protection and financial resiliency. While South Korea has its own uniqueness with culture, regulations, and economic situation, the stages of development of personal finance discussed in this chapter match, to a great extent, what has been experienced in other countries. Over the past quarter century, policymakers throughout Asia have taken on a growing interest in personal finance issues. This interest aligns with issues of economic justice, market reforms, and financial literacy introduced in Europe, Australia, New Zealand, and North America. For future research, particular areas of need include a better understanding of how changes in technology, the environment, and culture are related to consumer outcomes. In South Korea like other countries in the world, consumers’ needs are complicated and diverse. Technological changes can create new opportunities and challenges. Social impacts and sustainability will be primary research topics in the future. Social well-being and sustainability are directly associated with consumer behavior; therefore, research and practice should focus on these issues.