South Korea to boost financial education for soldiers amid crypto, stock losses

South Korean financial authorities are set to strengthen financial education for military personnel amid a rising number of cases where soldiers have suffered significant losses from reckless, debt-fueled investments in stocks and cryptocurrencies, the Seoul Economic Daily reported. On April 16, the Financial Services Commission (FSC) announced plans to submit a revised enforcement decree of the Financial Consumer Protection Act to a Cabinet meeting scheduled for April 21. The amendment would add the Minister of National Defense to the list of officials authorized to nominate members to the Financial Education Council. The report noted that the trend coincides with the full allowance of smartphone use within military barracks and an increase in monthly salaries to between 750,000 won ($543) and 1.5 million won ($1,090) this year. Authorities anticipate that the move will lead to a more systematic educational approach. The Financial Supervisory Service (FSS) will cooperate with the Ministry of National Defense to provide training on the dangers of high-risk investments and asset management from enlistment through to discharge.