YOLO Mentality Gives Way to Frugality as Slump Drags on

      August 26, 2017 08:06

      A mentality of seizing the day and making the most of limited means that had been establishing itself among young Koreans as the economy went into a slump is gradually giving way to a more frugal attitude again.

      Where "YOLO" -- you only live once -- was the motto of younger Koreans who rejected their parents' thrift for travel and indulgences, now a new tribe share information on the Internet on how to save living costs by cutting down on beer consumption and tips to survive on just W5,000 a day (US$1=W1,129).

      TV shows and podcasts that teach money-management skills are growing in popularity. One online show reviews the monthly expenditure of guests and advises them how to cut costs. Subscribers have increased to over 20,000 in just two months.

      Statistics confirm that young Koreans are cutting down on spending. According to Hyundai Research Institute, the average monthly consumption of households in their 20s fell from W1.7 million in 2007 to W1.5 million last year.

      In contrast, spending by people in their 40s and 50s rose W200,000 over the same period.

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