Adapting Western Financial Education And Counseling Models For Use In South Korea

Written By: Jean M. Lown and In-Sook Ju

The recent economic crisis in Asia offers western financial professionals the opportunity to share expertise developed over many decades. Using South Korea as an example, this position paper describes how declining purchasing power and employment dislocation affect families. With appropriate modifications consistent with cultural traditions, a western model of financial education and counseling can be adapted to enable Korean consumer and family economics professionals to assist families in coping with the continuing aftermath of the crisis. Cross-cultural collaboration between Western and Korean professionals can facilitate culturally appropriate adaptations of western programs. Key words: Economic adjustment strategies, Economic stress, financial counseling, Financial education, Financial planning

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