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% v.
