6 in 10 born in 1970s not preparing for retirement

gettyimagesbank By Jun Ji-hye Six out of 10 people from Generation X, aged between 45 and 54, have not yet prepared for their retirement, according to the 2024 trend report published by Woori Financial Group on Monday. Generation X is the demographic group that generally refers to those born between 1970 and 1979, following baby boomers born between 1955 and 1969, and preceding millennials born between 1980 and 1994. The report, which surveyed 10,000 people aged between 20 and 69 across the country, revealed that only 39.

3 percent of Gen Xers are currently preparing for retirement. The average monthly income of Gen Xers is 6.24 million won ($4,300), which is over 1 million won higher compared to millennials and baby boomers.



The higher income is attributed to their accumulation of career experience and expertise, which has led to peak earnings. However, the expenditures of Generation X are also the highest, due primarily to the financial support they provide to both parents and children. This significant family burden makes it difficult for them to adequately prepare for their own retirement.

Consequently, the retirement preparation rate for Generation X is significantly lower than that of baby boomers at 52.7 percent. Read More Hana nurtures next-generation women leaders through dedicated program 4 in 10 Koreans foresee rising intergenerational conflicts at workplaces In the survey, 43.

2 percent of Gen Xers responded that they support both their parents and children. This is nearly double the rates for millennials at 23.4 percent and baby boomers at 21.

6 percent. Woori Financial underscored that Generation X has become a key demographic as it plays a central role in the country. However, as attention shifts toward the trendsetting millennials and Gen Z, their presence is diminishing gradually.

“Given their population share and socioeconomic influence, they still deserve attention,” the report said. “Generation X is struggling with the burden of supporting their families while putting their own retirement preparations on the back burner. With only 10 to 20 years remaining until retirement, it seems crucial for them to start making preparations soon.

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