How reward apps win over Korean boomers amid economic slump

By Lee Yeon-woo

A sharp, lively beep echoed through the home as Seo tapped her mobile screen. She was collecting digital points based on the number of steps she had taken the day — a new habit she picked up after long days out. The points she collects are converted into mobile coupons, which she can use at various stores, including cafes, bakeries and even cosmetic shops.

"It has become my favorite pastime. As I walk more, I not only stay healthy, but I can also enjoy a free cup of coffee," said the 54-year-old kindergarten teacher based in Gwangju. "The amount is small, but it feels rewarding and helps me save money. I really like that."

The growing trend — a blend of mobile applications and personal finance — allows users to accumulate small amounts of money through simple daily activities. Users can earn 100 won ($0.07) or even 1,000 won by completing tasks such as checking into their apps daily, tracking their steps or watching reward-based ads.

With the growing importance of non-face-to-face financial services, the industry is promoting these features to boost monthly active users by encouraging habitual app use.

These activities were once largely associated with younger people who lacked financial resources. However, in recent years they’ve gained traction among middle-aged users as well.

According to a survey by the Korea Consumer Agency, which polled 1,000 men and women aged 14 and older, users in their 60s earned the highest average monthly points at 10,498. They were followed by those in their 50s (8,152 points), and those in their 40s (7,347 points). All of these age groups exceeded the overall average of 6,947 points, while younger generations fell below that level.

The answer lies in their financial habits. While older generations remain active in the workforce and maintain strong purchasing power, they place greater value on saving money compared to younger generations.

They also tend to excel at handling "tedious and routine tasks," according to Lee Eun-hee, a consumer science professor at Inha University — a trait rooted in decades of work experience shaped by Korea’s traditional social norms of diligence and conformity.

Accessibility has also improved, with major financial apps — such as KB, Toss, Kbank and Samsung’s Monimo — now integrating reward-based features.

The trend is expected to accelerate, said Koo Jeong-woo, a sociology professor at Sungkyunkwan University, as Korea is on the verge of a possible economic recession.

Many global financial institutions predict Korea’s economic growth will remain below 2 percent this year, compounded by political uncertainty surrounding President Yoon Suk Yeol’s Dec. 3 martial law declaration, and the U.S.' unprecedented imposition of tariffs.

“This is a typical example of recession-era consumption behavior. With a significant portion of income tied up in housing costs, people simply don’t have much money left to spend," Koo said. "While there’s a perception that only younger generations are pressured to live so-called ‘hustle lives,’ the current lack of disposable income is affecting all age groups and turning frugality into a broader cultural norm.”