South Korean women in their 40s own 13.73 million won in financial assets on average, nearly half of what men in the same age group have, according to the study conducted by online asset management service provider Banksalad. (Image: Yonhap)
SEOUL, Feb. 19 (Korea Bizwire) — Middle-aged South Korean men are much better off financially than women, with many women seeing their finances affected significantly by pregnancy and marriage, a new study has revealed.
South Korean women in their 40s own 13.73 million won in financial assets on average, nearly half of what men in the same age group have, according to the study conducted by online asset management service provider Banksalad.
South Korean men in their 40s, on the other hand, have 31.20 million won in financial assets on average, including all types of savings, cash, stocks, and mutual funds.
The gap between the sexes starts to widen for those in their 30s, with the biggest savings gap among those in their 50s.
The value of financial assets owned by men and women were on a relatively similar level among those in their 20s, with economically active men and women having saved around 3.1 million won.
Women in their 30s have around 9.7 million won in savings, while their male counterparts have nearly 12.4 million won, with the gap widening to 16.69 million won and 35.22 million won among those in their 50s.
Experts argue that women’s careers are heavily affected by life events such as marriage, pregnancy, and parenting, much more so than men, forcing many female workers in their 30s to leave their job and stop gaining experience.
As the career clock stops for women when they get married and have children, the door of opportunities for female workers also shuts, leaving them with few options to expand their financial assets.
It’s also worth noting that men are more aggressive with financial management, and are more likely to invest in mutual funds and stocks than women.
Kim Tae-hoon, the CEO of Banksalad, says the lack of female economic participation is to blame.
“As the economically active population shrinks among women, the gap starts to appear in the volume of financial assets (between men and women). Of note, women are much less likely to invest in stocks and mutual funds,” Kim said.
Hyunsu Yim (hyunsu@koreabizwire.com)
