|Title||Sogang University Research Foundation, Professor Jaeyun Chang, and Seoul Daily Cooperate to Develop IIQ|
- The Expectation is to Eradicate Financial Illiteracy by Measuring
Leaders in INdustry-university (LINC) at Sogang University is planning to cooperate with Seoul Daily to develop Investment Intelligence Quotient (IIQ). Professor Jaeyun Chang from the university’s Department of Psychology will also join in on this project.
According to the agreement signed at Teilhard Hall on April 12, Professor Chang and his team will support the IIQ development project by providing a theoretical framework and the necessary human resources.
IIQ will be Korea’s first financial and investment test to systematically measure and index an individual’s propensity and intellectual capacity to invest. By taking the test, people in their 20s and 30s, whose financial understanding is typically relatively low, are expected to get help to discover their investment capacities based on objective indexes in order to resolve problems related to financial illiteracy, which have recently deepened. In addition, when these individuals’ data accumulates to form big data, it will be possible to develop more sophisticated customized products for financial companies.
“People in their 20s and 30s need help to avoid making impulsive investment mistakes,” said Heesung Lee, Dean of LINC. “We are expecting this project to develop IIQ to guide them to accurately estimate their capacities and plan for better investments in the future.”
“IIQ aims to provide individuals with advice and consulting to guide them towards healthy investing to match their own propensity. We will make efforts to develop more meticulous questions to help test-takers deepen their understanding of their propensities to invest and make better investments for themselves next time,” Professor Chang added.