Hana Financial Research Institute:
Active Investments and Overseas Products Preferred
Average Wedding Cost Exceeds 200 Million KRW
1.86 Billion KRW Considered Sufficient for Retirement Preparation
Hana Financial Research Institute forecasted that this year, practical investments seeking stability and tax savings, along with a preference for overseas financial products, will be prominent. It also released survey results showing that the average wedding cost exceeds 200 million KRW, and a total asset of nearly 2 billion KRW is considered sufficient for retirement preparation.
On the 15th, Hana Financial Research Institute announced the publication of the 'Korea Financial Consumer Report 2025.' To track changes in financial transactions of consumers over the past three years, the institute conducted an online survey targeting 5,000 financial consumers aged 20 to 64 residing in Seoul and the metropolitan area.
Financial consumers plan to engage in more active and new financial transactions this year, showing a strong intention to subscribe not only to savings and deposits but also to practical investment products and overseas financial products. They preferred overseas stocks over domestic stocks, and although virtual asset investment was below 5%, the intention to start new transactions more than doubled compared to 2023. After the endemic, financial assets in 2024 exceeded 100 million KRW, and the proportion of investment products increased from 25% (2022) to 31%.
Changes in bank branch usage over the past three years were also notable. While 9 out of 10 people used mobile channels for financial transactions, branch usage steadily declined over the past three years, falling to 31%. The use of automated machines also continuously decreased from 62% in 2022 to 48% in 2024. Although 34% responded that digital channels could replace branches, surpassing the 28% who said branches are necessary due to advances in digital technology, the inconvenience caused by the reduction in branches and staff rose sharply from 6th place in 2022 to 3rd place in 2024 among difficulties experienced during financial transactions. Additionally, among branch users, one-third frequently visited branches at least once a month, with this proportion increasing, while those who visited occasionally (1-2 times every six months) showed a decreasing trend.
Financial consumers maintained transactions with an average of 4.6 banks simultaneously, but their loyalty to maintain transactions despite changing conditions has steadily declined over the past three years. When asked if there is a difference in competitiveness among commercial banks, nearly 90% responded either 'slightly' (45%) or 'almost none' (42%), indicating that services among banks have become homogenized. However, consumers still actively switched banks for slightly better conditions. Despite this, the proportion of financial assets deposited in the main bank remained at 53-54%, maintaining the dominant position of the main bank.
The report also included analyses of life events such as marriage and retirement preparation. In the marriage sector, the proportion of unmarried individuals unwilling to marry (33%) was higher than those willing to marry (27%). The main reason for choosing not to marry was economic conditions rather than personal values. Newlyweds who married within the past three years spent about 200 million KRW on wedding costs, while those planning to marry expected around 230 million KRW, indicating an annual increase of 10 million KRW in wedding expenses. More than half of newlyweds covered wedding expenses through loans.
Regarding retirement preparation, 9 out of 10 married households responded that their preparation was insufficient or nonexistent. The average total assets of married households were about 700 million KRW, and they expected to accumulate more than 200 million KRW by retirement, but anxiety about retirement remained high. Meanwhile, households perceiving their retirement funds as sufficient had total assets of 1.86 billion KRW, twice the average, with a higher proportion of financial and inherited assets than average.
Yoon Sun-young, a research fellow at Hana Financial Research Institute, stated, "Over the past three years, financial consumers have adapted to the rapidly changing financial environment while pursuing optimized benefits for themselves, confirming that the characteristics of financial transactions are inconsistent." She emphasized, "As differentiation among financial companies weakens and competition intensifies, it is increasingly important to actively understand the meanings embedded in customers' minor behaviors and opinions."
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