Financial Literacy Education for the Elderly : A Case Study on Providing Basic Financial Literacy Education to the Elderly via Religious Communities
South Korea is one of the most rapidly aging nations in the world. One unfortunate byproduct of rapidly aging populations is the increasing poverty rate among the elderly. Currently, nearly 40% of people aged 65 and over in South Korea are living in poverty. Religious communities in South Korea are undergoing a more pronounced demographic shift, with the religious engagement from the youth population (people in their 20s – 40s) decreasing rapidly. Such trends also contribute to the underutilization of existing religious infrastructures (e.g., churches). To assist the elderly population to better protect and further grow their assets through sound financial decisions, a pilot education program on basic financial literacy was launched at Cho-Dong Church. Running this program at a church has kept fixed costs at a minimum and increased accessibility to the target audience.The program had approximately 35 total participants, and it was completed over a two-week period, in two separate sessions (on May 28 and June 4, 2022). Each session was two hours and 15-minutes long.Target outputs and outcomes of the program were as follows:(1) Two two-hour educational sessions(2) 20+ participants (Target) with the majority in the 60+ age group(3) Participants demonstrate a better understanding of basic financial concepts(4) Participants are motivated and able to review their financial situation more clearlyThe program was able to partially achieve its targets, with the largest shortfall arising from the program’s limited ability to measure participants’ improvements in their understanding of basic financial concepts
Year of publication: |
[2022]
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Authors: | Joo, Samuel |
Publisher: |
[S.l.] : SSRN |
Subject: | Ältere Menschen | Elderly people | Altersvorsorge | Retirement provision | Finanzwissen | Financial literacy | Analphabetismus | Illiteracy |
Saved in:
freely available
Extent: | 1 Online-Ressource (106 p) |
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Type of publication: | Book / Working Paper |
Language: | English |
Notes: | Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 7, 2022 erstellt |
Other identifiers: | 10.2139/ssrn.4132675 [DOI] |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10013405405
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