How Much Allowance Do Korean Teens Get? “Monthly Debit Card Use Averages 22 Transactions and $110”
Last year, Korean middle and high school students spent an average of about $1,300 annually using debit cards, which breaks down to approximately $110 per month—an increase of around 30% compared to 2020.
According to NH NongHyup Bank’s report titled “Where Did All the Allowance Go?”, which analyzed financial big data from its teenage customers, these findings were released on May 26.
On average, middle and high school students used their debit cards on 130 days throughout the year, making a total of 262 transactions—about 22 per month.
Notably, the proportion of students who used their debit cards more than twice a day rose significantly—from 18% in 2020 during the COVID-19 pandemic to 29% last year. This reflects how debit card usage has become routine for teenagers, according to the bank.
Elementary and middle school students showed increased card usage in March when the school year begins, while high school students showed a sharp rise in December, creating a clear contrast.
NH NongHyup Bank explained that this December spike was likely due to high school seniors celebrating after the national college entrance exam, leading to increased spending on driving schools, travel, shopping, and other leisure activities.
Aside from frequently visited places like convenience stores, school snack bars, and restaurants, male students were found to visit gaming cafes most often (an average of 16 days per year), while female students favored coffee shops (17 days per year on average).
Among convenience stores, the branches near A High School in Gimcheon and B Girls’ High School in Jinju saw the highest average spending by teens. For school snack bars, the top locations were C High School in Nonsan and D Girls’ High School in Jeju City.
Coffee shop purchases peaked between 4 and 5 p.m., after school hours.
In terms of spending amounts, 41% of transactions ranged between $2.20 and $3.70, followed by under $2.20 (18%), $3.70–$5.20 (17%), over $7.40 (12%), and $5.20–$7.40 (11%).
Despite their spending, teens didn’t neglect saving. NH NongHyup Bank reported that total balances in teen savings accounts increased by 6% by the end of the year, while fund account balances grew by 16%.
The bank added that “monthly installment savings amounts tended to rise at the beginning of the year and during holidays,” concluding that “today’s teens demonstrate smart financial habits—spending wisely while continuing to save.”
