M Generation earns an average of 5.06 million won per month and spends 2.2 million won... What about Generation Z?

Woori Financial Group Unveils 2024 Trend Report

The so-called ‘Millennial (M) generation’ born in the 1980s was found to have an average monthly income of about 5 million KRW. Their average monthly consumption was approximately 2.2 million KRW.

On the 25th, Woori Financial Group released the ‘2024 Trend Report’ containing these findings.

This report was based on a survey conducted nationwide with 10,000 participants aged 20 to 69. The generations were categorized as follows: ▲ Baby Boomers born between 1955 and 1969 (aged 55-69) ▲ Generation X born between 1970 and 1979 (aged 45-54) ▲ Millennial (M) generation born between 1980 and 1994 (aged 30-44) ▲ Generation Z born between 1995 and 2004 (aged 20-29).

According to the report, the M generation’s average monthly total income was 5.06 million KRW, with consumption at 2.19 million KRW. Their average monthly savings and investment amounted to 1.17 million KRW, and debt repayment was 480,000 KRW.

For Generation X, the average monthly income was 6.24 million KRW, with consumption at 2.89 million KRW. Savings and investment were 1.25 million KRW, and debt repayment was 510,000 KRW.

Office workers commuting to work Photo by Yonhap News

The Baby Boomer generation had an average monthly total income of 5.06 million KRW and consumption of 2.4 million KRW. Savings and investment were 1.16 million KRW, and debt repayment was 360,000 KRW.

Generation Z earned 2.93 million KRW per month and consumed 1.09 million KRW. They saved and invested 890,000 KRW and used 200,000 KRW for debt repayment.

The scale of household assets was highest among Baby Boomers at 790 million KRW, followed by Generation X at 680 million KRW, Millennials at 450 million KRW, and Generation Z at 130 million KRW.

Real estate asset values were 640 million KRW for Baby Boomers, 550 million KRW for Generation X, 360 million KRW for Millennials, and 90 million KRW for Generation Z. Homeownership rates showed a significant gap, with Generation Z at 15.6% and Millennials at 55.2%. Following them were Generation X at 75.5% and Baby Boomers at 81.9%.

In a survey on real estate investment perceptions, 44.6% of Millennials responded that ‘real estate investment is essential to increase assets,’ the highest among the groups, while Generation Z had the lowest at 36.8%.

The scale of household financial assets was 150 million KRW for Baby Boomers, 130 million KRW for Generation X, 90 million KRW for Millennials, and 50 million KRW for Generation Z.