South Koreans continue to prioritize crypto and stock over state pensions

The tech-savvy Asian nation is increasingly choosing to pin its hopes for prosperity in retirement on crypto rather than on the national pension service

A new trend among South Korean has emerged with young people now increasingly not relying on the national pension system to support them when as they grow older. For those aged 20-39, at least three-quarters believe that national pensions are a poor way to prepare for retirement and old age, with many now turning to piecemeal crypto investment approach instead.

The survey, conducted by the Korea Women’s Policy Institute, and interviewing 1,152 people, saw 90% of respondents say that they were worried about insurance premiums because of population decline, which is a particularly acute problem for the nation, as South Koreans have 0.72 children per woman as of 2023 in South Korea.

The decline in population and birth rates has caused fear among the age group 20-39 who are now worried about the National Pension Service and its ability to muster the money needed to cover pensions in the future.

Even if the NPS manages to stay afloat, the money that it would be able to give back to recipients would be “too small” according to 86% of interviewees who were doubtful about relying on this form of social security. However, 83% argue that the chances of the NPS to be actually depleted by the time they retire is a very possible scenario, meaning that current contributions are wasted.

Interestingly, though, 57% of respondents said that they had not thought about retirement outside of the NPS. Yet, those who were actively thinking about their retirement said that they were prioritizing crypto, stocks, bonds, and other funds in order to hedge against future uncertainty.

The number of young South Koreans to adopt crypto has grown exponentially and mainstream financial experts all claim that investing in crypto is no longer optional for anyone who seeks to be well-to-do in the future.

Yet, this new-found enthusiasm for crypto investment has not come without its challenges. The pre-bankruptcy rehabilitation claims for young people in the age group 20-29 has grown significantly, not least because of unbridled investment zeal in the crypto sector.

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Written by Barney


Barney is co-founder of When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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