YOLO is a thing of the past… Reduce consumption by one person in the household and increase savings By Hankyung

© Reuters. YOLO is a thing of the past… Reduce consumption by one person in the household and increase savings

Photo = Mo Kim, in her 30s, who works as a researcher at a major Getty Images Bank, saves about 40% of her monthly income despite being single. He also purchased several insurances such as medical insurance for indemnity and sickness insurance. “The more you live alone, the more you need to prepare for future risks,” says Kim.

Contrary to the preconceived notion that one-person families are the so-called ‘YOLO’ (you only live once) family and that they will spend money on expensive goods or travel, they were found to have increase their savings and have insurance. They also found that 4 in 10 people have a side job, such as a delivery driver. The number of one-person households in Korea is 7.2 million households in 2021, accounting for the largest share (33.4%) of all households ○ One-person households with belts tightened KB ranking Financial Management Research Institute ranking 25 As a result to an online survey of 2,000 one-person households between men and women aged ~59, it was announced on the 3rd that the shares of savings and consumption in their monthly income were 44.1% and 44.2%, respectively.

Compared to the same survey two years ago, savings increased by 9.8 percentage points and consumption decreased by 13.4 percentage points.

The insurance holding rate of one-person households also increased from 75.3% to 88.7% during the same period. The perception that ‘insurance is essential’ also increased from 51.6% to 60.3%. Indemnity insurance (69.8%) and sickness insurance (51.9%) were the most common insurances owned by one-person households.

In terms of the size of one-person households, the ratio of small or micro houses (82.9%) was the highest, but the ratio of 85 square meters medium and large was 17.1%, 3.1 percentage points higher than in 2020.

42.0% of one-person households answered that they were ‘N-jobs’ with a side job. The most common reason for taking a side job was to have extra money or an emergency fund (31.5%), followed by free time (19.4%) and lack of living expenses (14.1%). It is interpreted to mean that it is not inevitable to do a side job such as living in high school. Per business, there were 2.8 times more new side jobs such as AppTech and delivery bloggers than traditional activities such as document translation and part-time services.

When asked if they would like to continue living as a single person in the future, 56.3% answered ‘highly’, which was similar to 2 years ago (56.2%). As the reason for living alone, involuntary factors (82.7%) were more common than voluntary factors (61.4%).

In terms of involuntary factors, reference was made to school or work (39.0%) and inability to meet a spouse (2.1%). The voluntary factors included being comfortable being alone (45.6%) and wanting independence (15.8%). Compared to two years ago, involuntary factors increased by 14.8 percentage points and voluntary factors decreased by 5.9 percentage points ○ In terms of “wealthy singles,” who manage systematic assets, KB Financial Group is in the top 10% of 30- 49 children in the nation, 356 male and female single person households We also conducted an online survey on the number of people in the industry and an in-depth focus group interview (FGD) targeting 16 high income earners between 30 and 49 age These ‘wealthy singles’ were found to manage assets more systematically than general one-person households.

Among high-income one-person households in their 30s and 40s, the proportion of respondents who said they had a set financial goal was 47.9%, 1.7 times higher than for general one-person households (28.8%). In addition to savings accounts, the ratio of investments in financial products such as stocks and ETFs was 37.4%, which is higher than the general (25.1%). The monthly savings amounted to 2.04 million won, 2.5 times more than the general (820,000 won).

More than half (50.5%) of those who wished to marry were also more than the general population (41.0%).

Wealthy singles think their retirement savings are between 1.25 billion won and 1.55 billion won. An average person’s household answered that they need between 730 million and 970 million won.

By Kim Bo-hyeong, kph21c@hankyung.com staff reporter

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