Amid the bitter cold morning in Seoul, citizens bundled up in coats are crossing the street at Gwanghwamun Intersection in Jongno District. (Yonhap)
SEOUL, Dec. 26 (Korea Bizwire) —In the ever-evolving economic landscape of South Korea, Millennials—those born in the 1980s—have emerged as a cornerstone of the nation’s financial vitality.
According to a new report from Woori Financial Group, this generation is navigating a delicate balance between robust earnings, strategic investments, and cautious spending, all while reshaping economic norms.
The “2024 Trend Report,” based on a comprehensive survey of 10,000 individuals aged 20 to 69, reveals that Millennials earn an average monthly income of 3.5 million won ($2,414). They allocate approximately 1.5 million won ($1,034) for spending, 813,000 won ($561) for savings or investments, and 333,000 won ($230) for debt repayment.
Their real estate holdings, averaging 522 million won ($359,310), underline their deep engagement with property markets. This generational wealth-building effort places Millennials alongside Generation X—those born in the 1970s—as critical drivers of South Korea’s economy.
Amid the biting cold, workers are heading to their offices. The photo shows citizens waiting for the pedestrian signal at Sejong-daero Intersection in Seoul. (Yonhap)
Generational Economic Snapshot
- Millennials (1980–1994): Monthly income of 3.5 million won ($2,414), with spending accounting for 1.5 million won ($1,034).
- Generation X (1970–1979): The most affluent group, with an average monthly income of 4.5 million won ($3,103).
- Baby Boomers (1955–1969): Monthly earnings of 3.5 million won ($2,414), mirroring Millennials but with greater accumulated wealth.
- Generation Z (1995–2004): Younger earners bring in 2 million won ($1,379), reflecting their entry-level career stages.
Real Estate and Homeownership
Millennials’ pursuit of real estate investments highlights their belief in property as a cornerstone of wealth. Over 55% of Millennials own homes, compared to 75.5% of Generation X and 81.9% of Baby Boomers.
Nearly 45% of Millennials view real estate investment as indispensable for financial growth—a sentiment echoed by 44.1% of Generation X respondents.
Investment Trends
Millennials demonstrate a diverse approach to financial growth. Their preferred tools include savings accounts (85.5%), subscription savings plans (65.5%), and stock investments (63.8%). A smaller, yet significant portion also invests in cryptocurrency (16.5%), signaling a willingness to embrace digital assets.
Apartment buildings in Seoul (Image courtesy of Yonhap)
The Bigger Picture
The report underscores the pivotal role Millennials play in South Korea’s economy, leveraging their income and investments amid an uncertain global market. Their economic strategies not only drive current trends but also set the stage for the nation’s financial future.
This generational insight reflects the broader narrative of a country adapting to shifting economic dynamics, with Millennials leading the charge.
[Note to editor] The KRW-to-USD exchange rate referenced in the article is based on the rate applicable on the date of publication.
Lina Jang (linajang@koreabizwire.com)
