Why young Koreans are less interested in $420 mil. state-backed equity fund
Young Koreans showed relatively little interest in the country's state-backed growth fund launched earlier this year, despite strong overall demand for the 600 billion-won ($420 million) fund, data showed Monday. According to data obtained by Rep. Kim Sang-hoon of the main opposition People Power Party from the Financial Services Commission (FSC), the first round of the National Growth Fund…
Despite a robust demand for South Korea's state-backed National Growth Fund, which boasts a $420 million capital, young Koreans have shown limited interest in the program. According to figures obtained by opposition lawmaker Kim Sang-hoon from the Financial Services Commission, the inaugural round of subscriptions for the fund hit 30,038 participants in its first week of launch on May 22.
The primary age group of investors comprised those in their 50s, with 10,173 individuals contributing a total of 231.6 billion won, constituting 33.9% of all subscribers and 38.7% of total investments. In contrast, only 5,852 investors in their 20s and 30s chipped in with 80.2 billion won, accounting for 19.5% of subscribers and 13.4% of the total investment.
Investors aged 40 and above together invested 170.6 billion won, while those 60 and older made the highest average investment of 23.36 million won each.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
