Reports of a "stock hagwon" emerging in Daechi-dong had no basis in fact. [Image generated with ChatGPT]
Reports of a "stock hagwon" emerging in Daechi-dong had no basis in fact. [Image generated with ChatGPT]

When the Kospi broke the 9,000-point mark for the first time in history last month, rumors quickly spread that "stock hagwon" — private tutoring centers offering stock market classes for middle and high school students — had begun appearing in Daechi-dong, Seoul's premier private education district. Those rumors, however, proved false.

On Thursday, with assistance from the Gangnam West District Office of Education, reporters investigated whether stock hagwon actually exist in Daechi-dong. Using the education office's hagwon classification system, four establishments were identified as the most likely candidates. None offered stock or financial education classes, or exam-preparation courses targeting students.

Hagwon A said it does not currently run any stock or financial education classes. "We are considering ways to incorporate economics and finance content into our integrated social studies curriculum," a representative said, adding: "I'm not entirely sure, but I think I may have vaguely heard rumors that such a hagwon exists somewhere."

A representative at Hagwon B in Daechi-dong said the center had offered preparation courses for TESAT — the Test of Economic Sense and Thinking, a nationally certified economics exam — but that was "seven or eight years ago, or more than ten years ago if you go back far enough." Demand dried up because the exam is no longer reflected in university admissions. "Daechi-dong specializes in raising students' scores to get them into university," the representative said. "There is almost no demand for that kind of thing in the Daechi-dong culture."

Two other hagwon gave similar answers, saying they offer junior economics exam preparation courses but that demand among middle and high school students is not particularly high.

In parent online communities, the "Daechi-dong stock hagwon" circulated more as rumor than verified fact. [Image generated with ChatGPT]
In parent online communities, the "Daechi-dong stock hagwon" circulated more as rumor than verified fact. [Image generated with ChatGPT]

No student demand found on platforms or in communities

Stock study groups do exist through expert-matching platforms, but no classes targeting underage students were found. A representative of Crypto Company, a stock-lesson provider active on the platform Soomgo, said the service mainly teaches adult members chart analysis and stock selection. "There is absolutely no demand from middle or high school students," the representative said.

In parent online communities, the "Daechi-dong stock hagwon" circulated more as rumor than verified information. Posts asking whether parents should be teaching their children financial literacy instead of the standard Korean, English and math subjects — prompted by word that a stock hagwon had opened in Daechi-dong — drew mostly skeptical responses. Typical replies included "I'd want to go myself" and "Isn't this just an urban-legend-style made-up story?"

The controversy traces back to an outside opinion piece published recently in one media outlet. The piece argued that investing, like studying or sports, is best started early, and cited as an example the claim that "a hagwon incorporating stock investment education into its curriculum has appeared in Daechi-dong, Seoul."

The source for that claim, however, was unclear. Professor C, who wrote the piece, said in a phone interview that the intent was not to suggest a hagwon dedicated exclusively to teaching stock investment. "What I meant was a form where stock-related content is included as part of economics exam preparation courses such as TESAT," the professor said.

When asked exactly which hagwon was being referred to, the professor said: "I don't remember. I wrote it based on what came up through an AI search at the time."

Students cross an intersection near the Eunma Apartment entrance in Daechi-dong late at night after hagwon classes end. Photo by Jung Joo-won
Students cross an intersection near the Eunma Apartment entrance in Daechi-dong late at night after hagwon classes end. Photo by Jung Joo-won

Education office: Stocks not a school subject — 'stock hagwon' registration impossible

Education authorities said a hagwon could not be registered under the name "stock hagwon" in the first place, because stocks do not fall under any school curriculum subject or officially recognized hagwon instruction category.

"Because stocks are not a school subject, we cannot approve registration under the name or course title of 'stock hagwon,'" a Seoul Metropolitan Office of Education official said. "We believe there is no possibility that a hagwon has been registered under such a name."

The possibility of workaround operations cannot be entirely ruled out, however. A hagwon could register under a different category — such as economics and financial education, integrated social studies, or a lifelong education facility — and then include some stock investment content in actual classes.

"We handle hagwon establishment and inspection duties, but we cannot monitor in real time what education is actually being provided," said an official at one Seoul district office of education. "We receive subject information during the registration process, but it is difficult to verify the content of each class and define its nature."

The official added: "It is administratively difficult to confirm every case where a hagwon registered under economics or financial education might include some stock-related content in its classes. What this appears to be is not a new form of private education, but rather a case of unverified information spreading through an outside opinion piece and online communities."


brunch@heraldcorp.com