Generational comparison

Abstract

The purpose of this research is to assess the relative importance of financial wealth between the Americans and South Koreans born with average birth years of 1972-1973 (commonly called Generation X in the United States). First, the South Korean economy and investment culture is examined to determine similarities and differences with the United States. Second, the study methodology is presented. Finally, the research results from a series of attitudinal statements comparing Americans and South Koreans who fit the demographic characteristic of Generation X (those born between 1961 and 1981) are presented and interpreted. This study of generation Xers in the United States and Korea evaluated their attitudes toward investing and savings. By examining their thoughts on the importance of financial security and independence; risk and debt; and reliance on others to take care of their financial planning/needs. The results establish that Generation Xers in both the United States and Korea view financial security as an important goal and are more willing to take on risky investments than previous generations. In conclusion, globally, the success of individual financial management decisions has become increasingly important in recent decades. People are living longer now than they were fifty or even twenty-five years ago. This fact, coupled with the trend toward individual responsibility for retirement planning suggests that each generation should be more knowledgeable and concerned regarding management of their financial resources. The diversity of the international investor also continues to undergo great change. As such, the process of profiling these individual groups of investors is becoming increasingly important and, at the same time, increasingly difficult.