This research was conducted in order to investigate the relationship between financial experience and financial literacy of students from local high schools in Jeollanam-do. The results of this study are as follows:
First, it was investigated whether experiences from direct financing could have a positive effect on improvements in financial literacy. It was proved that students who used bank accounts and cash cards, where they could experience direct financing, scored statistically higher on financial literacy than those who didn't.
Second, it was investigated whether the learning route of financial knowledge could affect financial literacy. It was proved that the student who learnt it in class scored the highest, the student who did it by the media the second highest, the student who did it through their conversations with family members the third highest, the student who did it through financial transactions, followed by the student who did it through their conversations with their friends.
Third, it was investigated whether talking about finance with family members could have an influence on financial literacy. It was proved that the more they talked about finance with their family members, the higher they scored on financial literacy in the statistics.
We are living with finance and are easily exposed to fast-growing bank fraud. We start economic activity by making money through a full-time or part-time job and spending money after high school. Therefore, it is urgent for high school students to learn financial knowledge. If schools institute policies to promote to open an account and guide students to use their cash cards in the right direction and give the chance to learn financial knowledge in specialized subject, which is limited to the area of commercial high schools to the students of academic high schools, their financial literacy will be improved. Thus, the improvements in financial literacy through school classes which add direct experience to indirect experience can be a good stepping stone for them, leading them to do the rational economic activity.
This suggests that the systematic education on financial literacy of high school students are needed to do that.