The New York Times says a growing number of Koreans are scrapping or delaying plans to study abroad due to the weak won.

The report said the global financial crisis has hammered confidence in Korea’s once-booming economy, decimating the value of its currency and forcing tens of thousands of Koreans to alter or cancel their study plans.

Before the financial crisis erupted, more Korean parents sent their children overseas to learn English and earn prestigious degrees amid higher living standards and the strengthening won.

The paper quoted the Education Ministry as saying the number of elementary and secondary students going abroad fell in the first half last year, the first drop since the government started keeping count a decade ago.

The paper also cited a separate report by the central bank saying spending on overseas education fell 5.8 percent in the same period from the year before to 2.3 billion dollars, the largest decline since the 1997 Asian financial crisis.