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Average income for Koreans aged 19 to 34 stands at 30.92 million won

Published: 31 Mar. 2025, 15:44

A loan department at a bank in Seoul is seen on March 27. [NEWS1]

The average annual income of Koreans aged 19 to 34 stood at 30.92 million won ($22,900), according to a survey released on Monday by the Korea Inclusive Finance Agency (KIFA).

The 2024 Youth Financial Survey, which looked at 9.27 million individuals nationwide, found that the most common income bracket was between 24 million and 36 million won, accounting for 41.7 percent of respondents. Those earning between 10 million and 24 million won made up 34.7 percent.

The average monthly card expenditure — including both credit and debit cards — was 1.47 million won. A majority of respondents, 50.4 percent, reported using less than 250,000 won per month, followed by 16.2 percent spending between 1 million and 2 million won, and 11.2 percent spending between 500,000 and 1 million won.

About 44.8 percent of young adults, or 4.16 million people, reported having taken out loans. The average outstanding balance among those currently holding debt was 37 million won.

The average credit score for the group was 806.3 out of a possible 1,000. Over half — 57.8 percent — fell within the 700 to 900 range, while 32.1 percent scored over 900. Only 6.7 percent were in the 500 to 700 range.

A total of 76.5 percent of young respondents said they were saving or investing as of the time of the survey. Their average monthly savings or investment amount was 941,000 won.

A person enters the Industrial Bank of Korea headquarters building in Jung District, central Seoul, on March 25. [NEWS1]

The most commonly held financial products included installment savings accounts at 80.2 percent, housing subscription savings accounts at 71.7 percent and fixed deposits at 51.4 percent. When asked about their savings goals, 46.5 percent cited purchasing a home, followed by building a large sum of money at 15.9 percent and covering living expenses at 13.1 percent.

Respondents rated their own financial knowledge and money management skills relatively low, with average self-assessment scores of 2.8 and 2.9 out of 5, respectively.

Nearly half, 49.9 percent, said rising living costs were their most significant financial challenge. Other concerns included securing deposits for housing rentals at 7.5 percent and the burden of mortgage or jeonse (long-term housing rental deposit) loan repayments at 6.5 percent.

In terms of where they sought financial advice or information, the most common sources were family at 48.8 percent, online communities at 44.4 percent and friends or acquaintances at 37.9 percent.

The survey also included data from 67,000 participants in the Korea Credit Bureau’s MyData project who are enrolled in the Youth Hope Savings Account program, which requires a minimum income level to qualify.

These account holders had a higher average annual income of 34.53 million won, roughly 11.7 percent more than the general youth population. Their average monthly card spending was 2.01 million won, 540,000 won more than the broader group. However, their average loan balance was lower at 28 million won.

To reduce early withdrawals from the Youth Hope Savings Account, the agency plans to introduce a partial withdrawal service in July.

“With this new service, young people will be able to access emergency funds while maintaining their savings plans,” said Lee Jae-yeon, president of the Korea Inclusive Finance Agency.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.

BY LEE HAY-JUNE [[email protected]]