Nearly 60% of South Korea’s Generation X—those born in the 1970s—have not begun preparing for retirement. (Image courtesy of Yonhap)
SEOUL, Dec. 17 (Korea Bizwire) – A recent study by Woori Financial Group reveals that nearly 60% of South Korea’s Generation X—those born in the 1970s—have not begun preparing for retirement.
The findings, published in Woori’s 2024 Trend Report, highlight the financial challenges faced by this generation, many of whom are burdened with supporting both their parents and children.
Financial Strain and Low Retirement Preparedness
Only 39.3% of Generation X respondents reported being actively engaged in retirement planning, significantly lower than the 52.7% of Baby Boomers (born 1955–1969).
A key factor is the dual responsibility of supporting parents and children, with 43.2% of Generation X respondents reporting financial assistance to both groups—nearly double the rate of Millennials (23.4%) and Baby Boomers (21.6%).
Conversely, only 14.7% of Generation X respondents reported not supporting either parents or children, compared to 28.7% of Millennials and 40% of Baby Boomers. Woori Financial noted that these financial pressures often force Generation X to delay their own retirement planning.
Workplace Challenges and Generational Perceptions
The report also highlights workplace tensions, with Generation X often labeled as “villains” or “old-fashioned” by younger colleagues. Among Generation Z (born 1995–2005), 61.4% view Generation X as problematic in the workplace, a sentiment echoed by 58.2% of Millennials.
Interestingly, Generation X members themselves are aware of this perception, with 55% acknowledging being seen as “outdated,” the highest proportion across all generations, including Baby Boomers (54.1%).
A Call for Preparedness
Woori Financial Group emphasized the urgency for Generation X to prioritize retirement planning, given that many have only 10–20 years left before retirement.
“This report aims to help all generations, including Generation X, to better understand their challenges and plan for the future,” said Woori Financial Chairman Lim Jong-ryong, noting that the company will continue to provide valuable insights to support its customers.
This inaugural Trend Report sheds light on the multifaceted pressures faced by Generation X, from family obligations to workplace dynamics, and underscores the need for proactive financial planning.
Ashley Song (ashley@koreabizwire.com)
