WITH DISTINCT individual characteristics, the “MZ generation[1]” is leading an unconventional trend in consumption. Their economic patterns are somewhat distinguished from that of the older population’s, influencing the public with a focus on consumption based on personal preferences. As the impact is continuously widening, The Yonsei Annals interviewed several fellow Yonsei students to uncover the consumption traits of the MZ generation with a simple question: How do you spend your money?

Park Ye-bin (Fresh., Dept. of Theology)

   The greatest proportion of my consumption is on food due to the mandatory dormitory life in Songdo for freshmen. Living in the dormitory forces me to go out and visit eateries or order delivery food, demanding more money than I expected. Being a freshman also makes me quite sensitive to the changing trends because when there are products that many of my friends carry, I often end up buying them regardless of personal needs. This mindset has resulted in purchases of brand-new clothes and electronic devices such as wireless earphones. In this sense, there are various occasions when I buy items that are not very useful. I am considering creating a list of necessary products to purchase as I wish to improve such bad habits. The uncertainty of what could happen in the future is something that I am constantly concerned about. Striving to create a healthier consumption pattern will be effective in resolving it.

Kim Dong-geun (Soph., Dept. of Mathematics)

   Excluding the consumption on necessities such as food or transportation fees, there is nothing much that I spend money on. The only unexpected expenditure throughout my university life was buying a camera and some lenses after joining a student photography student club. Living with my parents lighten my financial burden immensely as circumstances where I have to make a purchase using my own money rarely happen. The income that I receive through tutoring and my allowance is comparatively greater than the scale of consumption, so I am depositing ₩100,000 every month into an installment savings account created upon entering university. This is because have a firm belief that investments and savings for the future are essential since they can function as safety devices for potential economic hardships in the future.

Kang Yu-jin (Jr., Dept. of Chinese Language & Lit.)

   The focus of my spending is on living necessities since I live by myself. Excluding such expenses, I usually dedicate a considerable amount of money to buying drinks from cafes. As I spend the majority of my time in cafes, from working on assignments and studies to meeting friends, related spending naturally increased. The problem is that, although I have a coffee machine in my house, the inconvenience of dripping coffee on my own leads me to visit nearby shops instead. The price for each drink may seem trivial initially, but spending ₩10,000 to ₩20,000 every day on beverages accumulates to a significant amount. There are also moments when I impulsively purchase products exhibited on social media advertisements, regardless of whether I possess similar commodities in my house or not. Since I believe saving money is crucial for a stable life in the future, I am planning to strive for a frugal style of consumption.

Um Sung-hyeon (Sr., UIC, Economics)

   Various categories such as over-the-top (OTT) service subscriptions, alcohol, electronics, and clothing make up the majority of my expenses. I feel like I am being wasteful on OTT services as I am subscribed to three services. Nevertheless, it is difficult to remove the subscriptions because there are numerous contents that are introduced exclusively on each platform. Excluding everyday expenses, I periodically spend money on albums and vinyl records regardless of the price. I believe that such hobby-related consumption is worthwhile as long as it does not become a significant economic burden.

   Although I am planning to focus more on saving money, the established social atmosphere on investment for the future should be assessed critically. Traditional guidelines on consumption are resulting in social standardization, oppressing the creativeness of each individual. Life in the present would lose its significance when I limit my spending too much, making me lose certain parts in each moment. In this sense, instead of being subordinated to a particular trend or stereotype, establishing a consumption behavior of my own would be crucial.

Hong Yong-min (Sr., Dept. of French Language & Lit.)

   Most of my consumption is on everyday expenses. The greatest expenditures are on spending for dates with my girlfriend and monthly membership payments for the swimming pool I visit to exercise. Although I live alone, food does not take up a large part of my consumption as I often try to eat at home to manage my health. I do not feel any need to spend more since my current lifestyle is sufficiently satisfying. From what I have experienced, eating rice with dried seaweed after starving for 6 hours was much more appetizing than spending ₩50,000 on a luxury buffet.

   Since my income—made up of the amount I receive from my allowance and private tutoring—exceeds my expenses, I usually put more than half of my monthly earnings in a deposit account. This helps build a sense of economic stability and deal with large-scale payments in the future. My savings are not for long-term goals such as buying a house, but rather for traveling purposes. I spend about ₩3 million for each trip and never feel a sense of overconsumption for any payment I make during the trip. Although I could focus on saving more when I grow older, I believe that simply appreciating what I currently use my consumption for is most important for now.

Yoon Ryang-jun (Class of ’17, UIC, Bio-Convergence)

   As I am currently living in Europe for my studies, the first thing I do after earning money is make plans for traveling. I try not to have any concerns regarding expenses because this moment in another continent can be an experience that comes only once in a lifetime. Thus, having an extraordinary meal and visiting incredible places are a priority. However, the items I purchase are unbalanced due to such a lifestyle, sometimes creating occasions where I am unable to attain crucial necessities. I hope to focus more on spending money on necessities rather than materialistic desires.

[1] MZ Generation: A Korean term collectively referring to the Millennials, who were born in the early 1980s to early 1990s, and Generation Z, who were born in the mid-1990s to early 2000s