January 12, 2021 12:43
A total of 7.23 million new stock-trading accounts were opened at Korea's biggest stock brokerages last year, three times larger than in 2019.
More than half of those were opened by people in their 20s and 30s, but people in their 60s deposited the most money.
At Mirae Asset Daewoo, KB, NH Investment, Korea Investment, Kiwoom and Yuanta securities companies, 54 percent or 3.92 million of 7.23 million stock-trading accounts that were opened in 2020 were created by investors in their 20s and 30s, followed by investors in their 40s (1.67 million accounts), 50s (970,000 accounts) and 60s (350,000 accounts). And 320,000 stock-trading accounts were opened by people under 20.
But investors in their 60s deposited an average of W36.24 million, more than five times higher than the average of W6.69 million deposited by investors in their 30s.
Young people dabbled in stocks mainly to raise money to buy homes and to save up money for retirement.
Mirae Asset surveyed 700 people aged 25 to 39 in May last year and found that 31 percent invested in stocks to raise money to buy homes, while 23.3 percent wanted to save up money for retirement and 15.3 percent wanted to earn some cash to pay for their weddings.
Individual investors' voracious appetite for stock investment shows no signs of abating as the stock market continues its bull run, setting new records day after day.
Woo Young-seok at NH Investment and Securities said, "Many elderly investors come into our office carrying millions in cash saying they want to buy Samsung Electronics shares."
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