Working single-person households live alone for about 10 years and save or invest 40% of income

Working single-person households in South Korea have lived alone for about a decade on average and put 40% of their monthly income into savings or investments, according to a Hana Financial Research Institute report.

The report, titled “Exploring the Financial Needs of Working Single-Person Households,” found that respondents had average monthly income of 4.25 million won and net assets of 360 million won. The research institute said the group also begins paying attention to health and preparing for retirement from its 20s.

Hana Financial surveyed 1,000 single-person households aged 25 to 59 in Seoul, the surrounding capital region and major metropolitan cities in April. Participants had employment or business income, managed their own income and financial transactions, and held at least three types of assets, such as real estate, savings products or stocks.

The households had lived alone for an average of 10 years. Those considered temporary single-person households, who expected to form a multi-person household through marriage or other changes, had lived alone for eight years on average. Those planning to continue living alone had done so for 13 years. Men accounted for 58% of the group and women 42%.