Contrary to the common belief that the young these days are guided by the You-only-live-once (YOLO) mindset, nearly half of Koreans in their 20s place more than 30 percent of their earnings in savings or other future investments.

According to a survey on 500 Koreans in their 20s and 30s by insurance managing platform GoodRich on Tuesday, 43.2 percent of respondents in their 20s said they deposit 30 percent or more of monthly income in banks and other savings means.

Nearly two out of 10 – or 18 percent – saved up more than half of their income and the other 12.6 percent each put aside 41-50 percent and 31-40 percent of their earnings for future.

Those in their late-20s earning regularly are more active in saving and investment, with 20.9 percent using half of the income for that purpose. This is stark contrast to late-30s that could afford to put away 9.2 percent for future use.

As for investment, 20s were more risk-averse with preference for savings by 54.1 percent, insurance products by 23.3 percent and stocks by 15.3 percent.

Owning a house was the biggest reason for the saving by 43.2 percent, preparation for wedding 34.4 percent, and retirement 12.8 percent.

They also showed higher interest in optimizing insurance plans to save unnecessary costs, with 84.2 percent saving costs on optimized plans.

By Kim Gang-rae and Lee Ha-yeon

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]