"You Can't Make Money Just by Working Hard" Young People Flocking to Stocks and Lotto [Heo Midam's Youth Report]

Lottery Sales Reach 2.62 Trillion Won in First Half of Year, Highest Since 2005
Half of New Accounts Are in Their 20s and 30s Amid Low Interest Rates and Stock Market Boom
Experts Say "Social Instability Increases Temptation of 'One-Shot' Mentality"

A citizen is purchasing a lottery ticket at a convenience store. The photo is unrelated to specific expressions in the article. [Image source=Yonhap News]

[Asia Economy Reporter Heo Midam] [Editor's Note] How is your youth remembered? From teenagers to college students and office workers, we share the joys and sorrows unique to 'youth.'

# Kim Mo (29), a third-year employee working at a distribution company, recently started a stock study group. Kim said, "Putting my modest salary into savings doesn't even cover retirement preparation, let alone marriage funds," adding, "I'm studying stocks to improve my situation even a little." He continued, "When I meet with acquaintances, the conversation topic that never fails to come up is stocks," and "We ask each other where we've invested and share good information."

Recently, more young people have been entering the stock market or buying lottery tickets in pursuit of high returns. They have become reliant on lotteries or stocks due to growing uncertainties about the future caused by rapidly rising housing prices and unstable employment.

However, among young people, there is also a claim that 'luck' is more necessary than diligence and effort to make big money, raising concerns about 'one-shot mentality' aimed at quick profits. Experts analyze that as rewards for effort become uncertain, people turn their attention to lotteries and stocks.

College student Lee Mo (25), who started buying lottery tickets weekly from the beginning of this year, said, "It's not a large amount, but I invest 3,000 won in lottery tickets every week," adding, "It's hard to get a job these days, and even if you do, you can't make big money. I know the chances of winning the lottery are slim, but how many people want to turn their lives around by winning the lottery?"

Like Lee, the number of people aiming for a windfall is increasing. Due to the prolonged economic downturn caused by the COVID-19 pandemic, lottery sales in the first half of this year reached the highest level in 15 years. According to the Ministry of Strategy and Finance's Lottery Commission, lottery sales in the first half of this year amounted to 2.6208 trillion won, an 11.1% increase compared to the same period last year. This is the largest scale since 2005.

Citizens receiving stock consultation. The photo is unrelated to specific expressions in the article. [Image source=Yonhap News]

Besides the lottery, a considerable number of young people are aiming for high returns through stock and real estate investments. According to a survey conducted by Job Korea and Albamon targeting 2,020 adult men and women, 37.5% of respondents answered that the most effective way to become wealthy is to be born with a silver spoon. This was followed by ▲winning the lottery (11.6%) ▲stock and financial investment (11.1%) ▲real estate investment (9.6%).

On the other hand, responses such as ▲saving small amounts steadily (10.0%) ▲working hard to earn a high salary (4.9%) were relatively low.

In summary, young people feel that unless they are so-called 'silver spoon' individuals with large assets, luck is more necessary than diligence and effort to make big money.

Another office worker, Lee Mo (27), also said, "I am doing a stock study group with acquaintances." He said, "The era when you could buy a house by saving your salary has long passed," adding, "I decided to invest in stocks because I don't have much money saved to invest in real estate."

He added, "There is no acquaintance around me who doesn't invest in stocks. Everyone seems to think that investing in stocks is more beneficial in the long term than putting their salary into savings."

The craze for financial investment among young people is also reflected in statistics. According to the Korea Financial Investment Association, the number of stock accounts held by people in their 20s and 30s increased by more than 50% in the first quarter of this year compared to the same period last year.

Ultimately, in an era of low interest rates where saving alone cannot accumulate money, lotteries and stocks have become a kind of 'psychological escape' for young people.

Experts point out that the more unstable society becomes, the easier it is to fall into the temptation of 'one-shot mentality.' Professor Kwak Geumju of Seoul National University's Department of Psychology analyzed, "If there is a definite reward for one's efforts, people do not feel anxious. But when the results are uncertain despite hard work, one-shot mentality becomes widespread."

He continued, "'The saying that a dragon rises from a small stream' is now outdated. For example, unless you are born with assets like a 'silver spoon,' hard work is useless," adding, "Now, earning a salary alone cannot reduce uncertainty about the future. That is why young people have gone beyond investment to speculation."