The average monthly income of the 'Generation X' born in the 1970s is 6.24 million won, making it the highest earning generation, but it has also shown the highest consumption. It was found in a survey that they are unable to prepare for their own retirement due to the burden of supporting both their parents and children.
Woori Financial Group announced on the 16th that it has published the '2024 Trend Report', focusing on those born in the 1970s.
This report highlights the characteristics and financial lives of the 'Generation X' born in the 1970s, based on a survey of 10,000 individuals aged 20 to 69 conducted nationwide. Generation X has been analyzed as neglecting their retirement preparation due to a sense of responsibility for supporting their families as society enters an aging era.
According to the report, the average monthly income of Generation X is 6.24 million won, which is more than 1 million won higher than the Millennium (M) generation born from 1980 to 1994 and the baby boomer generation.
The average monthly consumption of Generation X is 2.89 million won, which is 700,000 won more than that of the Millennium generation and 490,000 won more than that of the baby boomer generation. Ninety percent of Generation X reported trying to reduce spending, while 71% noted they were working to secure additional income.
When asked about financial support for their families, the response 'supporting both parents and children' was highest among Generation X at 43%. The Millennium generation had a response rate of 23%, while the baby boomer generation was at 22%.
On the other hand, the response 'not supporting both parents and children' was lowest among Generation X at 15%. The Millennium generation was at 29%, while the baby boomer generation was at 40%. Six out of ten individuals from Generation X reported that they have not yet prepared for retirement.
Regarding asset gifting, 19% responded that it is appropriate to start when the children are minors, which is more than double the 9% among the baby boomer generation. The rate of savings in financial products under children's names was 47% for Generation X and 20% for the baby boomer generation, showing a significant difference.
Generation X, once referred to as the 'new humanity' by the older generation, is now regarded as the so-called 'office villain.' Sixty-one percent of the Millennium generation and 58% of Generation Z (born after 1995) chose individuals in their 40s and 50s from Generation X.
Fifty-five percent of Generation X agreed with the statement, 'People around me think I am an old-fashioned person.' The proportion of those feeling generational differences was also the highest at 87%.
Half of Generation X responded that they are working to live younger. Responses were higher among Director Generals (55%) and executives (54%).
This report is the first trend report published by Woori Financial.
Yim Jong-ryong, chairman of Woori Financial, said, "I hope this report helps all generations, including Generation X, to empathize and plan for the future," and "we will continue to strive to provide beneficial information to our clients."