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This study compares the financial knowledge of Korean (N = 1006) and German (N = 1346) university students. The country-specific adaptations of the US-American Test of Financial Literacy was used to assess financial knowledge. Financial knowledge can be divided into three areas (everyday money management; banking; insurance). German students show a slightly higher knowledge of everyday money management and insurance. Korean students tend to be stronger in the area banking. The paper examines the impact of gender on financial knowledge and the role of financial information gathering. A gender difference is determined in Germany, but not in Korea. Male students in Germany score higher than female students. An analysis of variance shows that Korean as well as German students who inform themselves more frequently about financial topics achieve a higher financial knowledge score. The article shows that it is possible to validly measure financial knowledge in Germany and Korea, which have different economic systems.

A number of recent studies have revealed that taking part in a sail-training-based Adventure Education Programme elevates youths' self-esteem. Across two studies, we sought to examine the extent to which youths' sense of belonging contributed to this increase in self-esteem. Study 1 revealed that participants who completed the voyage showed an increase in self-esteem from the first to the last day of the voyage. Partial correlation revealed that group belonging made a unique contribution to this change. Study 2 replicated Study 1 and, further, demonstrated that the relationship between group belonging and self-esteem was not a function of self-efficacy or group esteem. Such findings suggest that an important contributing factor to the benefits of sail-training interventions is their potential to satisfy psychological needs, in this case the need to belong.

International comparisons of economic understanding generally require a translation of a standardized test written in English into another language. Test results can differ based on how researchers translate the English written exam into one in their own language. To confirm this hypothesis, two differently translated versions of the "Basic Economics Test" (BET) (Walstad, Rebeck, and Butters 2010a) were given to elementary school students in Korea. We found the possibility of overestimating or underestimating the levels of economic understanding by various sources of translation bias. Therefore, it is important to carefully interpret the assessment results of international comparisons. Our study is applicable not only to international comparisons of economic literacy but also to any comparison of knowledge across cultures or languages within a country. (Contains 10 tables and 12 notes.)

The authors describe key aspects of precollege and undergraduate economic education in Korea. They show that precollege students seem to have low economics literacy due to problems with the curriculum and insufficient training of teachers. At the undergraduate level, they show that economics departments have more male students than female students and that the employment rate for economics majors is lower than for business majors. They hope to draw more of Korean economists' attention to research initiatives in economic education. (Contains 4 tables and 2 notes.)