Financial groups strengthen business for people over 60 amid rapid population aging

Older adults walk down a hall of a premium older adult health care residence in Seoul. Korea Times file

Korea’s leading financial groups are accelerating efforts to tap into the market, targeting people aged 60 and older whose combined net assets exceed 4,300 trillion won ($3.2 trillion) as of last year, market watchers said Thursday.

KB, Shinhan, Hana and Woori are rolling out specialized brands, services and even postretirement health care infrastructure.

The collective move indicates a rapid shift in the financial groups' role in a rapidly aging society from traditional lender to provider for a healthy lifestyle. The sector is expected to become a lucrative market built on long-term loyalty.

Previously, their products were limited to pensions and trusts, but are now expanding into “total care” packages, combining wealth management with nursing needs and inheritance planning.

KB Financial Group has launched KB Golden Life, an older adult-centric brand that provides the group's financial and nonfinancial services. The group’s subsidiary KB Golden Life Care operates seven nursing homes.

KB Investment, another subsidiary, recently made a 10 billion won investment in byL, an older adult-care tech startup.

Shinhan Financial Group introduced Shinhan SOL Mate, a brand that provides customized pension, trust and fund services for retirees.

Woori Financial Group recently launched the Woori Wonder Life to introduce financial products in collaboration with its life insurance arm.

Hana Financial’s insurance subsidiary, Hana Life, established in June, plans to open its first premium nursing home in Goyang, Gyeonggi Province, by 2027.

According to the Financial Supervisory Service, the net assets of Koreans aged 60 and older stood at 4,307 trillion won in 2024, accounting for about half of the country’s total household net assets.

That was up 11.7 percent compared to the previous year.

However, over 77 percent of these assets were held in the form of real estate, raising concerns about liquidity.

According to Hana Institute of Finance, the assets of those who said they have secured postretirement plans averaged about 1.86 billion won, more than double the average.

Their holdings were in financial and inherited assets.

Real estate, equities and retail pension products topped the list of their assets.