[Edaily Reporter Kim Se-yeon ] “The aunt who buys me a new iPad every time it comes out. The aunt who sends me to study in the U.S. The aunt who promises to leave me her apartment when she dies.”
While such an aunt might seem like a figment of the imagination, she actually exists in real life. Ms. A, a woman in her 50s, has spent the money she diligently saved while working in the financial sector and as an accountant generously on her nieces and nephews. Unmarried and without a spouse or children, Ms. A has been steadily saving money since her youth. When her nieces and nephews were young, she gave them the latest iPad model every time a new one came out. She has already sent one of her nieces to study in the U.S. at her own expense. She has even decided to leave her apartment to them when she passes away. Ms. A’s acquaintances are clamoring, “Please, be my aunt!”
It’s not just “aspiring nieces and nephews” who covet a “wealthy, unmarried aunt” like Ms. A. Financial institutions are also keeping a close eye on single women in their 40s and 50s as new “big spenders.” This is because their household structures are unlikely to change significantly, and they are more likely to remain loyal to a single financial institution for a long time. Accordingly, analysts note that the need for “tailored products” to attract these “loyal customers” is on the rise.

According to a report titled “Exploring the Financial Needs of Working Single-Person Households” released by the Hana Financial Research Institute on the 5th, women were more likely than men, and those in their 40s and 50s were more likely than those in their 20s and 30s, to maintain a single-person household long-term. The net worth and homeownership rates of women in their 40s and 50s also exceeded the overall average for single-person households. The institute explained that, from the perspective of financial institutions, this demographic is viewed as a potential customer base with growing demand for asset management in the long term.
Looking at the details, “temporary single-person households”—those currently living alone but likely to form multi-person households through marriage or moving in with others—consisted of 78% men and 78% people in their 20s and 30s. In contrast, “permanent single-person households”—those likely to continue living alone—consisted of 64% women and 70% people in their 40s and 50s.
The importance of permanent single-person households is reflected in their asset size. While the average net worth of all working single-person households was 360 million won, that of permanent single-person households was 430 million won, exceeding the average. Their net worth was approximately 1.5 times higher than that of temporary single-person households (290 million won). Since their household status does not change easily and they have relatively substantial assets, they represent a customer base with which financial institutions can maintain long-term relationships.
The report also emphasized the importance of so-called “working single-person households” that remain active in society. For example, once they begin doing business with a financial institution, they tend not to switch easily. The average length of the relationship with their primary financial institution was 10 years, with 57% of respondents reporting a relationship of 10 years or more. Nearly 25% of respondents had maintained a relationship for 20 years or more. These individuals entrusted nearly half (an average of 48%) of their assets to their primary bank.
However, they were not particularly active in financial investments. Financial assets accounted for only 26% of the total net worth of all single-person households, while real estate made up 70%. Only 29% of respondents said they were confident in their investment and asset management decisions. Forty-one percent reported that financial and economic information was too complex to understand, and 37% said it was difficult to set retirement goals.
Consequently, their expectations for financial institutions were high. Seventy-seven percent of working single-person households stated that existing products were insufficient and that differentiated financial products and services tailored to single-person households were needed. The proportion of respondents who said they would conduct the majority of their transactions with a financial institution if such services were provided (49%) was 10 percentage points higher than those who would not (39%).
The primary purpose of saving and investing was “retirement planning” (57%). The most preferred financial products for retirement planning were, in order: △fixed-term savings accounts (60%), △stocks (56%), and △fixed-term deposits (49%).
Demand for services beyond financial products was also identified. The financial-related services most desired by single-person households were retirement planning (48%) and tax and tax-saving consulting (40%). Among non-financial services, △daily convenience (47%) and △health management (46%) showed high preference.
Hana Financial Research Institute analyzed, “(Single-person households) have a competitive edge in net worth and monthly income compared to multi-person households. Since they have no obligation to support family members, the financial utilization rate of their disposable income (money they can spend freely) is relatively high,” adding, “There is a high demand for financial services tailored to single-person households, and this has a positive impact on building customer loyalty.” The institute also noted that as single-person households become more established, financial institutions need to provide long-term asset management and retirement planning services tailored to different life stages.