43% of Kkin X Generation Support "Parent-Child Assistance"... 60% Still "Not Prepared for Old Age"

More than half of Generation X (born in the 1970s), often called the "sandwiched generation," have yet to prepare for their retirement. However, 43% of this generation are simultaneously providing financial support to both their parents' and their children's generations, according to a recent survey.

Woori Financial Group announced on the 16th that it published the "2024 Woori Financial Trend Report," based on a survey of 10,000 people nationwide aged 20 to 69. This report focuses on three areas of preparation for Generation X: economic power, daily life, and future readiness.

According to the report, the average monthly income of Generation X was 6.24 million KRW, which is over 1 million KRW higher than that of the Millennial generation (M generation) and the Baby Boomer generation. Their average monthly expenditure was also 2.89 million KRW, exceeding that of the M generation by 700,000 KRW and the Baby Boomer generation by 490,000 KRW.

Generation X bears a higher responsibility for supporting both their parents and children compared to other generations. The response "supporting both parents and children" was 43% among Generation X, overwhelmingly higher than the M generation (23%) and the Baby Boomer generation (22%). Conversely, only 15% responded that they do not support either parents or children, which is the lowest compared to 29% of the M generation and 40% of the Baby Boomer generation.

Accordingly, retirement preparation among Generation X remains insufficient. The survey showed that 6 out of 10 Generation X respondents have not yet prepared for retirement. Woori Financial explained, "Generation X, born in the 1970s, is characterized by expressing individuality and creating new lifestyles and values that led trends, unlike previous generations. However, despite their high income, as society ages, they tend to neglect their own retirement preparation due to the responsibility of supporting their families."

Meanwhile, Generation X, once called the "new human" by older generations, is now regarded as the "old generation" in the workplace. According to the survey, 61% of the M generation and 58% of the Z generation responded that people in their 40s and 50s from Generation X are "villains in the workplace."

Generation X also agreed at a rate of 55% that "people around me think I am a 'kkondae' (old-fashioned or rigid person)." Furthermore, 87% felt the generational gap most strongly. Half of Generation X answered that they try to live youthfully, with especially high responses from managers at the department head level (55%) and executives or higher (54%).

Lim Jong-ryong, Chairman of Woori Financial Group, said, "As the first financial trend report published by Woori Financial Group, we hope it helps all generations, including Generation X, to empathize with each other and plan for the future. Going forward, Woori Financial Group will continue to strive to be 'the first financial institution in our hearts' and provide valuable information to our customers."