"Save Your Salary, Spend with 'Eomka': Why 20s and 30s 'Gold Spoon' Use Parents' Cards [Heo Midam's Youth Report]"

Increase in 2030 Office Workers Investing with Parents' Money
Spread of 'Sujeo Class Theory' Among Some 2030 Generation

Credit card. Photo by Yonhap News.

[Asia Economy Reporter Heo Midam] [Editor's Note] How is your youth remembered? From teenagers to college students and office workers, we deliver the joys and sorrows, worries, and laughter unique to 'youth.'

# Kim Mo (28), who works at a large corporation, automatically transfers more than 80% of his salary. Kim said, "After saving most of my salary, there is little money left," adding, "I can't cover expenses like food and communication fees with the remaining money, so I ask my parents for help." He continued, "I plan to use the saved money for investing in stocks or for buying my own home," and said, "Whenever I lack money, my parents are willing to lend it to me first."

Recently, there has been an increase in office workers who cover living expenses using their parents' credit cards while saving or investing their own salaries. They strive to accumulate a large sum by saving their salaries and investing in real estate or stocks. However, this phenomenon has been criticized for spreading the so-called 'Sujeo Class Theory.' The 'Sujeo Class Theory' is a neologism meaning that parents' social and economic status is inherited by their children.

There are quite a few office workers who depend economically on their parents. According to a survey by Saramin of 1,274 office workers, 36.7% of respondents identified themselves as 'Kangaroo Tribe,' meaning those who depend economically and mentally on their parents. The 'Kangaroo Tribe' refers to young people who, despite being old enough to be independent, still rely financially on their parents.

They cited reasons for not being financially independent as ▲low salary (64%) ▲to save a large sum (31.7%) ▲high expenses (16.7%) ▲debt (15.9%) ▲to live a comfortable life (14.5%), among others.

The photo is unrelated to specific expressions in the article. [Image source=Yonhap News]

Recently, a new group called the 'Eomka Tribe' (a portmanteau of 'Eomma' meaning mother and 'credit card,' referring to young people who use their mother's credit card) has emerged, who use credit cards under their parents' names despite having their own financial ability. Their goal is to save their own money and increase their assets.

In particular, the 'Eomka Tribe' differs from the 'Kangaroo Tribe,' who rely financially on their parents despite being old enough to be independent. They use their parents' credit cards for living expenses while saving their salaries from work, employing financial management strategies.

Park Mo (29), who started working at a large corporation last year, said, "I cover major expenses like shopping and plane tickets with my parents' credit card," adding, "I mainly invest my salary in savings or stocks. Since I use my parents' money, I can live comfortably, which I like." He added, "I often feel economically superior compared to my peers."

Some people in their 20s have started real estate rental businesses using inheritance from their parents. According to the National Tax Service's monthly business status, as of April 2018, there were 15,000 real estate rental business operators under 30 years old, a 17.7% increase from the previous year. The growth rate of real estate rental operators under 30 was the highest among all age groups.

The photo is unrelated to specific expressions in the article. [Image source=Yonhap News]

As a result, some young people express frustration, saying that no matter how hard they try, their economic and social status is determined by their parents' wealth.

Office worker Kim Mo (33) said, "'Eomka Tribe' is a story far from me. Receiving allowance as an office worker means that the parents' financial ability supports it to some extent," adding, "My parents are now retired, so they don't have the capacity to give me allowance. Also, I think receiving allowance while earning money is improper."

Still, Kim lamented, "No matter how hard I work, my salary is limited, and there are too many expenses, so I don't think I can accumulate money," adding, "I don't think I will have money to leave to my children when they are born."

Like Kim, most young people expect little chance of upward mobility. According to the '2019 Social Survey' by Statistics Korea, only 22.7% of respondents thought it was 'likely' that their social and economic status would improve within their lifetime in Korean society. Only 28.9% believed that the next generation would have a high chance of upward mobility.

Experts analyze that the phenomenon of class immobilization, such as the 'Sujeo Class Theory,' is intensifying. The paper 'Analysis of Changes in Subjective Class Consciousness and Factors Affecting Class Mobility among Youth' (Lee Yonggwan, Korea Culture and Tourism Institute/2018) stated, "The 'Sujeo Class Theory,' which claims that resources inherited from parents determine social class, is actually occurring, and class immobilization is intensifying," adding, "This trend affects not only class mobility within the current generation but also the next generation, potentially reducing the driving force of social development."

It further suggested, "To resolve social inequality, activities to reduce economic, social, and cultural gaps are important."

This content was produced with the assistance of AI translation services.