"Friends Each Contribute 50,000 Won"...Foreign Media Spotlight Korea's Unique 'Trust Culture'

NYT Analysis: "Based on Unique Culture of Interaction and Trust"

U.S. foreign media spotlighted Korea's gyemoim culture. Yonhap News reported that the American daily The New York Times (NYT) highlighted on the 18th (local time) the 'gyemoim,' a traditional Korean saving group where people who get along well regularly pool money together.

The NYT spelled gyemoim phonetically as ‘gyemoim’ and translated it into English as a "saving group." The NYT mentioned, "In Korea, it is common for friends to form gyemoim to save money for vacations, meals, and other social activities," introducing the cases of Kim (32) and Lee (35), who participate in gyemoim in Korea.

(This photo is not directly related to the article.) [Photo by Yonhap News]

Kim, a former teacher and housewife, formed a gyemoim with two friends she met at a gathering in 2014, and they have continued it for over 10 years. They saved more than 3 million won over the decade and actually traveled together to a resort in Busan last fall. Kim and others said, "Although we were busy with work and family matters, gyemoim helped us maintain close relationships."

Lee, who has a gyemoim with high school friends where they each contribute 50,000 won monthly, also explained the benefits of gyemoim. Working as an assistant at an English academy, he introduced, "We use the saved money to meet a few times a year to eat meat or have chicken and beer gatherings." He added, "At first, we just gathered to have fun, but as everyone started working, we began thinking more about the future. So, we decided to support each other during important life events like weddings and funerals."

The NYT viewed that gyemoim continues in Korea thanks to the country's unique culture of exchange and trust. It added, "In Korea, you can go to a coffee shop in Seoul and leave your bag, laptop, credit cards, and a wallet full of cash on the seat and go to the restroom," noting, "You don’t have to worry about whether those items will still be there when you return."

It also reported that thanks to the gyemoim practice, there are related account products in Korea. For example, Kakao Bank, an internet bank, offers a "group account" service where the account holder can share the account with friends. Shin Eun-cheol, a professor in the Department of Management Engineering at KAIST, explained, "In the past, Koreans gathered money in villages, purchased goods, and shared harvests," adding, "It developed as a means for people to maintain strong friendships and unite the community."

The NYT also mentioned that Korea’s gyemoim culture might be distorted in the U.S. The media said, "The cultural traditions that make gyemoim work well in Korean society do not exist in Western cultures," and "If you don’t know the participants well, managing joint funds like gyemoim can be somewhat of a gamble in the U.S."