Middle-aged South Koreans are increasingly turning to “app-tech” to save money, earning small amounts by checking in on apps, tracking their steps, and watching reward-based ads.
Every morning, 51-year-old office worker Lee checks in on Samsung Financial Networks' ‘Monimo’ app to earn ‘jelly’ points. Additionally, he converts his daily steps into points using apps like Monimo, Seoul City’s ‘Wrist Doctor 9988,’ and Toss. Last month, he accumulated about 12,000 won (approximately $8.22).
Lee noted, “It’s a small amount, but it almost covers my budget phone bill. It gives me a sense of accomplishment and helps me save money.”
Amid rising prices, interest in ‘Jjantech’ is growing. A combination of the Korean word for ‘frugal’ and ‘tech,’ Jjantech refers to financial strategies focused on minimizing waste and saving every penny. A prominent example is ‘app-tech,’ where users accumulate small amounts through mobile apps.
Previously popular among younger individuals with limited financial means, app-tech is now seeing increased adoption among middle-aged users. In January, K-Bank launched a ‘pocket money’ service offering approximately $0.68 to $2.74 for tasks like checking insurance premiums or visiting specific pages.
Within two months, over one million users joined, with about 60% in their 40s and 50s. A K-Bank representative observed, “We expected more participation from younger users, but the results were surprising.” Analysts say people in their 40s and 50s, who are more accustomed to smartphones than older generations, tend to be more mindful about saving money, which has contributed to this trend.
To accumulate points through app-tech, users typically engage in daily check-ins, step counting, or viewing reward-based advertisements. Among these, step counting has long been popular among middle-aged users. It allows them to manage their health by tracking steps while earning small but tangible rewards. As this demographic becomes familiar with step-counting app-tech, they more readily explore other app-tech opportunities.
Kim, 49, uses five different step-counting apps, including Toss, Monimo, Cashwalk, and NH Healthcare. She earns about $1.37 per app each month, totaling around $6.85 monthly.
Kim mentioned, “I convert the accumulated money into coupons to use at convenience stores or supermarkets. Nowadays, earning around $7 a month from savings is quite challenging. Some people use up to ten pedometer apps simultaneously.”
In fact, among users of the popular step-counting app ‘Cashwalk,’ those in their 40s account for 31.7%, and those in their 50s make up 34.3%, totaling approximately 66% for the 40s and 50s demographic. Users in their 30s comprise about 21%. Similarly, for Woori Bank’s ‘Daily Walking Savings’ product launched in 2023, 40-year-olds made up 30.4% of subscribers, with those 50 and older accounting for 30%.
Typically, individuals in their 40s and 50s are actively engaged in economic activities and possess significant purchasing power, positioning them as key consumers. However, they also place greater importance on frugality compared to younger generations.
According to a survey by Embrain Trend Monitor last year, favorability toward ‘Jjantech’ was 49.2% among those in their 20s, 52.8% in their 30s, 56.4% in their 40s, and 57.6% in their 50s, showing an increase with age. Among those in their 40s, 53.2% agreed that small savings add up over time, while the percentage was even higher at 64.0% among people in their 50s.
Additionally, the support of app-tech by most financial apps, such as Samsung’s Monimo, Toss, K-Bank, and KB Pay, has contributed to this trend. Users can easily engage in app-tech without seeking out new apps.
Lee Eun-hee, a professor at Inha University, noted, “People in their 40s and 50s are more adept with smartphones compared to those over 60, making app-tech more accessible. Moreover, having longer work experience and having overcome challenges, they tend to handle monotonous and routine tasks better than younger generations.”
