Hana Financial Group has published the “Korea Financial Consumer Report 2025,” highlighting the need for 2 billion won for retirement funds and the necessity of preparing for personal pensions and home ownership. This report, shared on January 15th, was based on tracking the changes in financial transactions of 5,000 financial consumers aged 20-64 living in Seoul and the metropolitan area over the past three years.
During the COVID-19 period in 2022, savings assets accounted for 42% of financial assets, which increased to 45% with the rise in interest rates the following year. While average financial assets stagnated at 90 million won, they surpassed 100 million won after the endemic, with the proportion of investment products rising from 25% in 2022 to 31%.
This year, financial consumers showed a high inclination toward not only savings but also practical investment products and overseas financial products. They preferred foreign stocks over domestic ones, and although cryptocurrency investment remained below 5%, the intention to engage in new transactions more than doubled compared to 2023.
Digital channels were favored by 9 out of 10 people for financial transactions, while the use of branches declined to 31% over the past three years. The usage of automated machines also decreased from 62% in 2022 to 48% in 2024.
Despite a higher acceptance of digital channels, the reliance on branch visits increased, with one-third of users visiting at least monthly. The primary reason for branch visits was to check transaction status, indicating a potential expression of hidden financial needs for enhanced trust and additional benefits.
The average cost of marriage was reported to be over 200 million won. More single individuals were disinclined to marry, citing economic conditions as the main reason rather than personal values. Newlyweds spent about 200 million won on marriage expenses, with plans showing a 100 million won annual increase. Over half of the newlyweds relied on loans for marriage funds, and prospective couples expected to borrow more, highlighting increased economic burdens.
Individuals intending to marry showed a strong interest in purpose-oriented savings, including for housing funds and investment seed money, and were more active in direct investments such as stocks and ETFs. Conversely, single individuals prioritized retirement planning, recognized the necessity of insurance, and saved actively for leisure and hobbies. Financial needs clearly varied depending on life choices, even among peers.
Additionally, 9 out of 10 married households reported inadequate retirement preparation. Although the average total assets of married households were about 700 million won, they anticipated needing an additional 200 million won by retirement, yet anxiety about retirement remained high. Households perceiving their retirement funds as sufficient had total assets of 1.86 billion won, with higher proportions of financial and inherited assets than average.
Those adequately prepared for retirement expressed higher willingness to use real estate, investment products, and personal pensions. Conversely, in cases of insufficient preparation, reliance on national pensions, retirement pensions, and housing pensions was higher. This suggests the importance of separately preparing for retirement savings and individual pensions during financial asset management, with a gradual increase in liquid asset proportions and estate planning as retirement approaches.
Yun Seok-young, a researcher at Hana Financial Research Institute, emphasized that financial consumers have continuously adapted to rapidly changing financial landscapes in search of optimized personal benefits, which may result in inconsistent transaction patterns. He stressed the need for financial companies to actively understand the meanings implied in customers’ minor actions and opinions amid intensified competition and weakened differentiation among financial companies.