This file photo from June 21, 2021, shows people walking on the streets of Myeongdong in central Seoul. (Yonhap)
SEOUL, Dec. 17 (Korea Bizwire) — The “MZ generation,” a Korean term referring to millennials and Generation Z, are relatively more rigorous in terms of managing their retirement pensions, a survey showed Thursday.
Mirae Asset Global Investments, a South Korean asset management firm, conducted a study of 1,000 office workers born between 1982 and 1996 who have subscribed to a defined-contribution retirement pension plan, 37.6 percent of whom have taken up investment options, surpassing the 21.8 percent average throughout all subscribers.
Compared with other retirement pension subscribers, those in the MZ generation are more investment-oriented and tend to pick up more investment options if they have a larger amount of assets.
According to the survey, 60.8 percent of respondents preferred to take up investment options when managing retirement pensions. In contrast, only 39.2 percent preferred safer options that guarantee principal and interest.
Another 28 percent of respondents said they had transitioned from a defined-contribution retirement pension to an investment-oriented allocation of assets in the last two years. Among them, 37 percent achieved gains of more than 7.5 percent.
In contrast, 45.6 percent of those who remained with a defined-contribution pension achieved less than 2.3 percent in gains.
“The MZ generation has been showing more rigor in terms of direct stock investment among all generations, reflecting its rigorous behavior in managing retirement pensions as well,” said Lee Kyu-seong, a researcher at Mirae Asset Global Investments.
Ashley Song (ashley@koreabizwire.com)
