2010 ‘CITI FINANCIAL QUOTIENT (Fin-Q) SURVEY’ - SOUTH KOREA RESULTS
The “Citi Fin-Q Survey” was designed to measure the Financial Quotient (Fin-Q Score) or financial well-being of consumers. Since 2007, the annual Citi Fin-Q Survey was conducted by global research firm CXC Research and the 2010 survey involved surveying 5,500 people across 11 countries including Korea, Australia, China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, Taiwan and Thailand. The online survey was administered to 500 respondents of each country during November 22 – December 22, 2010 period. Citi scored respondents on 40 different questions closely related to financial decision-making and financial habits. The margin of error is ±4.5% at the 95% confidence level.
The combined Citi Fin-Q Score for Korea was 51.2 points out of a possible 100 points, below AP average of 54.6 points, but it was up slightly from 48.3 in 2009.
The demographic data show that males (52.7 points) typically outscore females (49.6 points) and that the average Fin-Q Score tends to increase according to one’s age, income and retirement savings.
50% of Korean respondents say they are “somewhat/very satisfied” with their current quality of life, up from 43% in 2009. It was for the first time in four years of survey that the majority of respondents answered they were satisfied. Irrespective of gender, those with over 45 million won annual income (65%), a group of people having over 100 million won in retirement savings (61%), and a group aged 40 or above (57%) showed relatively higher satisfaction level compared to others.
52% of Korean respondents are optimistic about their financial futures, falling behind AP average (75%).
Among Korean answerers, 71% believe they “have enough insurance” to protect both them and their families, a remarkable increase compared to 53% in 2007. Notably, their subscription to life insurance/disability insurance/critical illness insurance reached 72%, 55%, and 30% respectively, all of which are above the average subscription levels of respondents across the region (63%, 22% and 24% respectively).
On home ownership status, about 1/3 of Koreans (31%) indicated they own their own home outright (AP average 31%), and those living in parent’s home at 22% was slightly higher than AP average (19%).
92% respondents in Korea pay off their outstanding credit card balance in the average month, the highest level and far above the AP region average (72%). Taiwan (87%) came next, followed by Hong Kong/Singapore (both 81%).
A mere 12% said they would “know exactly what to do if they were given 6 months worth of salary to invest”, lower than AP average of 32%. 45% of Malaysians answered they know exactly what to do showing strong confidence about their investing knowledge.
26% of Koreans feel they had a “good/very good” understanding about money management and personal finances. It is again far below the average in the AP region (52%).
Currently 78% express confidence that their retirement savings will lead to a comfortable life in retirement, revealing stronger confidence compared to the average AP respondents (65%). Chinese (79%) and Indians (76%) also showed similar level of confidence.
About half of AP respondents (51%) say they have put the Global Financial Crisis (GFC) behind them and refocused on planning for retirement. The overwhelming majority of Koreans (76%) particularly agreed, and 71% of them also believe the GFC has made the future a lot harder financially for their children/the next generation.
83% of Koreans believe that digital banking services have made managing their personal finances much easier over the past few years (34% strongly agreed, 49% agreed) demonstrating the country’s standing as an IT powerhouse. Most AP respondents also agreed (78%).
한국씨티은행 개요
씨티은행은 1967년 최초로 한국에 진출한 이래 45년 동안 선진 금융 서비스를 국내 고객에게 제공해 왔으며, 2008년 글로벌 금융위기 때 8억불을 증자해 국내 외환시장 안정에 기여했고, 1970년대 석유 파동시 2억불 차관 제공으로 한국의 무역수지 개선에 기여한 공로로 수교훈장 ‘숭례장’을, 1997년 외환위기 당시 240억불 대외 부채 상환 연장에 기여한 공로로 수교훈장 ‘흥인장’을 받는 등 한국 경제가 어려움에 처할 때에 곁에서 힘이 돼 준 친구 같은 은행이다.
웹사이트: http://www.citibank.co.kr
연락처
Shin, Hyeon Jeong
Communication Dept.
82-2-3455-2330
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