Kim Do-hoon, right, deputy general manager of Citibank Korea's Marketing Communication Department, and Yu So-hee, assistant general manager of the firm's Information Security Department, pose at the bank's headquarters in Seoul's Seodaemun District, Monday. Courtesy of Citibank Korea

Finance receives relatively little attention as an academic discipline in primary and secondary schools in Korea. This is because it is not one of the primary subjects deemed essential for students to gain admission to university and advance in the highly competitive society.

The lack of emphasis on finance education has left Korea ranked relatively lower in terms of financial literacy compared to its economic status as the world's 13th largest economy.

This is where Citibank Korea's Kim Do-hoon and Yu So-hee have stepped in, leveraging their more than two decades of expertise to educate students at elementary, middle, and high schools about the fundamentals of finance, aiming to broaden their understanding in this critical area.

As the deputy general manager of Citibank Korea's Marketing Communication Department, Kim leads the firm's team of volunteers who devote their time to teach finance to the students.

Yu, assistant general manager of the firm's Information Security Department, is in charge of developing the learning materials for the students.

The materials cover a wide range of areas, including keeping accounting books, saving money, investing in financial products, risk management, digital finance, and planning for retirement.

"Children and teenagers have a remarkable capacity to absorb and learn at a rapid pace compared to adults. For this reason, we consider it immensely valuable that we have been able to launch our own program for financial education," Kim told The Korea Times during a joint interview with Yu this week.

While the company had previously been engaged in finance education as part of its corporate social responsibility (CSR) initiatives, it primarily supported outside groups such as the National YWCA of Korea and JA Korea.

It wasn't until June 2023 that an independent volunteer group was established at the bank to directly carry out these activities.

Since joining Citibank in the early 2000s, Kim who has dedicated himself to CSR initiatives, including HR Learning & development, has played a pivotal role in the establishment of the volunteer team.

Comprising 53 members, including Kim and Yu, this team was brought together under his leadership.

"Under our solid partnerships with each National YWCA of Korea and JA Korea, we were able to receive relevant tips and knowhow to begin our independent finance education," Kim said.

Yu So-hee, third from left, assistant general manager of Citibank Korea's Information Security Department, is joined by CEO Yoo Myung-soon, center, and Kim Do-hoon, second from left, deputy general manager of the bank's Marketing Communication Department, after winning an award from Financial Supervisory Service (FSS) Governor Lee Bok-hyun for excellence in finance education for students at FSS headquarters in Seoul, Feb. 27. Courtesy of Citibank Korea

Yu began her career with Citibank Korea in the early 2000s, building expertise in credit loans and wealth management.

"Through my work with numerous clients, I've observed that factors such as education level, wealth, and age do not always correlate with their level of financial understanding," she said. "That's when I realized the need to help people become familiar with the basics of finance at a younger age, and I'm grateful for the opportunity to contribute to finance education."

Citibank Korea's educational program operates within the framework of the Financial Supervisory Service's (FSS) broader initiative, which aims to establish partnerships between financial services companies and schools for educational purposes.

Citibank Korea's partner schools include ones in Incheon, Paju, and other nearby areas of Seoul, as well as one situated on Jeju Island.

Yu stood out among the volunteers, and as a result, she was honored with an award of excellence in February. The accolade, presented by FSS Governor Lee Bok-hyun, recognizes a selected volunteer from participating companies.

On the company level, Citibank was also honored for its program and received an award from Lee.

"I simply enjoyed the process of creating learning materials and teaching students with these resources. My motivation stemmed from a genuine desire to contribute, rather than an expectation of getting a reward," Yu said. "I am grateful to receive the honor."

Kim and Yu expressed their aspirations to build upon the achievements of 2023, aiming to further deepen and expand finance education initiatives for high school students.

The freshmen and sophomore at high schools are exceptions to such education, as their schools want them to solely focus on national college entrance exam and relevant subjects.

Finance education is offered to high school seniors only after they have completed their exams in November and are relatively free from academic burdens until their graduation in February of the following year.