Investor Education in Korea Presented by Sok Hun Kang, Ph. D Korea Financial Investment Association
AGENDA v Introduction to KOFIA v Environment for investor education v Major investor education initiatives v Investor education effects v Closing remarks
1 Introduction to KOFIA • Launched on Feb. 4, 2009 under Capital Marker Act - Non-profit, membership - Consolidated association for securities, asset management, futures industries • Sole SRO and trade association in Korea - Responsible for investor education
2 Environment for Investor Education • Korean investor education is a successful model • Korean capital market is viewed as an advanced market - Dow Developed Market Index in 2008 - FTSE Develop Market Index – Sep. 2009 - MSCI Developed Market Index – under public consultation • Outlook for the Korean market is promising
Need for Investor Education • Korea Capital Market Act effective in Feb 2009 - Emphasis on investor protection - New sophisticated products to be introduced • On-going financial crisis • Other Developments - Aging society - Paradigm shift from deposit to investment - Introduction of corporate pension plan 3
4 Korea Council for Investor Education • Established in 2005 - To provide systematic and efficient education programs • Member of KCIE : 7 organizations - KOFIA, FSC, FSS, KRX, etc. • Secretariat of KCIE : KOFIA • Nationwide network : 8 major cities
5 Major Investor Education Initiatives • Building infrastructure for investor education • Tailor-made education services • Financial education for social minorities • Fostering sound investment culture
6 Building Infra for investor Education • Wide range of educational content - To meet diverse needs • Comprehensive online education services • Comprehensive internet portal (www. kcie. or. kr) - Wealth Academy - Fund Academy - New Product Academy • World-class online investor education programs
7 Tailor-made Education Services • Customized to reach all target groups - Ages, educational backgrounds, locations, professions • Lecturers provide on-site education - Lecturers are CEOs from financial investment companies and specialists
8 Financial Education to Social Minorities • Educating young people and the financially disadvantaged and social minorities - Publish textbooks for elementary, middle and high schools, teachers’ instructional manuals - Training programs for teachers - Securities competition for students • Expand education to all Koreans
9 Fostering Sound Investment Culture • Inform people of the merits of long-term, indirect investment • Public campaigns and advertisement with KBS - Buy 10 Shares - Saving through Stock Investment
10 Investor Education Effects • Paradigm shift from deposit to investment • Moving from short-term direct investment to long-term, indirect investment culture - Equity-type funds jumped from $ 8 billion in 2005 to $ 100 billion in January 2009
11 Future Direction for Investor Education • Develop world-class investor education • Advance the financial capabilities of investors • Extend efforts to include investor protection • Build strong global networks
12 Future Direction for Investor Education (con) • Investor education is indispensable to a sophisticated investment culture and the long-term prosperity of the market • Develop practicability and high-quality investor education to be applied in the real world • Extend the investor education to every Korean • Combat the financial illiteracy of the general public
13 Future Direction for Investor Education (con) • Go beyond education to investor protection - Provide legal consultation and dispute resolution • KOFIA will build strong international organizations - Preparing for the inaugural meeting of AFIE this year
14 Closing Remarks • Investor education is a key element for a sound investment culture and an advanced capital market • Korea made consistent efforts, proven successful • Need networks across national borders • Hope IFIE/IOSCO conference will be held in Seoul
Thank you!
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