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| Ju Young-jin |
Over a couple of years, finance has become a hot topic among the young generation particularly in Korea ever since real estate prices have skyrocketed. A lot of social media influencers that create materials about finance have rapidly gained followers and subscribers, and thus a dozen millions of raw information come and go every day. Although some may benefit from the accessibility of advice and insights of others, consequences come after. As proof of such problems, one severe social issue that has heated the air in Korea is the "bittoo."
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Following the status quo, financial companies must first and foremost work to provide reliable and reputable finance education to their users and potential consumers. Recently, a commercial bank in Korea announced to educate university students on proper investing strategies. The company has introduced seminars and programs that aim to inform finance newbies of the possible dangers of investing and assist in forming a sound sense of value on how to invest. Likewise, compulsory education on Finance A to Z prior to opening an investment account would be a practically effective method for financial companies to manage their consumers' performance in the market. Holding briefing sessions and seminars on a regular basis would also contribute to creating an improved and healthy environment for investment.
Today multiple financial companies are competing in the same market. The more information people are exposed to, the easier it is for companies to either gain or lose consumers. Potential users are able to change banks according to their interests and needs without much difficulty. Such a structure makes securing customers an important goal of financial businesses. In order to stand out and get a firm hold of consumers, enterprises must look to maintain accessibility, reliability and also convenience at their best condition in reputation.
Therefore, after evaluating the finance-related trend among the MZ Generation, the next given assignment to financial companies is to come up with possible solutions to resolving reckless and uneducated investment such as regular and proper education. Moreover, they must take advantage of the fertile land of information to promote their businesses' reputation, reliability and maintainability. The smart and successful adaptation of such new systems is expected to better overall finance and in the long term, the economy of South Korea.
Ju Young-jin is a student at Yonsei University.
