Credit Card Usage Behaviors among Elderly Korean Consumers

Abstract

Korea is the fastest aging country in the world and silver market in Korea has beginning to emerge in 2008 as Korean baby boomers start to retire and will become a 148 trillion KRW market by 2020. Based on the fact that Net assets of households headed by over 55 years old are much higher than those of average Korean households, understanding their usage behaviors on financial products becomes important to financial institutions targeting old consumer groups. This study examines older Korean consumers’ credit card usage behaviors in terms of key demographic variables.