Millennials Save for Dream of Own Home

  • By Lee Joon-woo

    October 20, 2020 08:38

    Millennials are becoming obsessed with the idea of buying a home one day even as their hopes fade amid escalating housing prices, a straw poll suggests.

    Mirae Asset polled 700 people between 25 and 39 across the country in May this year. Respondents were allowed to select multiple answers.

    Asked about their top financial priority, 61 percent said they save money to buy homes. Next came preparation for retirement (50 percent) and for marriage (29 percent).

    A Mirae researcher said, "It seems that young people feel an urgent need to buy their own homes due to skyrocketing housing prices in the capital and its vicinity."

    Only 34 percent of respondents lived in their own homes. Asked if buying a house is necessary, a whopping 71 percent said yes.

    But they were pessimistic about their prospects of amassing wealth later. Sixty-eight percent said it will become more difficult to make their fortunes or greatly increase their assets in the future, a predicament shared by millennials in many developed countries.

    Many millennials have a positive view of investing in financial markets, but most just want to survive the era of near-zero interest rates on savings.

    A mere 12 percent said they want to invest in stocks as an alternative to buying real estate.

    Asked where they get their investment advice, the vast majority said online, unlike the older generation, who often prefer offline consultations with financial advisers. 

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