An increasing number of foreign residents in Korea are opting to deposit their income into their own accounts rather than remitting it back to their families abroad, a survey showed, Monday.
The majority of these individuals belong to Generation MZ, encompassing Millennials (born between 1981 and 1995) and Generation Z (born between 1996 and 2005). Members of this generation are often characterized by their focus on personal satisfaction and individual success rather than making sacrifices for the sake of others.
BC Card surveyed over 1 million foreign residents in Korea and found that 25 percent of them transferred money to their own accounts in the first half of this year, up 10 percent compared to 2021.
The percentage of foreign residents in Korea who wired money to their own accounts first exceeded 20% in 2023, a milestone reached as the COVID-19 pandemic came to an end.
The survey showed less than half, or 49 percent, sent the money to their parents, siblings or spouses.
In 2021, 58 percent of those surveyed sent the money to their family members.
BC Card said 81 percent of its customers for the wiring service are salaried workers.
The 20 to 39 age group constituted 63 percent of the total.
Yeongam County in South Jeolla Province, which has a foreign population of 10,000, recorded the highest amount of spending in the province.
Gimhae, where 20,000 foreign nationals live, accounted for 30 percent of foreign spending in South Gyeongsang Province.
“Over 2.6 million foreign residents live in Korea. We will continue to offer services that advance data-driven, effective policies that reflect social changes,” BC Card said.
Foreign residents included in the survey had a minimum of three months of spending records over the past six months, based on data from 3.5 million BC Card membership stores nationwide.
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