South Korea faces rising financial gaps in minor wealth and rural ATM access

Recent data reveals significant financial disparities and accessibility issues within South Korea. Regarding minor assets, the total balance of savings and deposits held by minors reached approximately 9.74 trillion won as of July, a 17.6% increase from late 2022. While 52 minors hold more than 1 billion won in deposits, a vast majority—77.5%—hold less than 1 million won, highlighting a stark wealth gap. Additionally, minors hold over 7.3 trillion won in listed stocks.

Simultaneously, physical banking access is declining in rural areas. The number of districts where the average distance to an ATM exceeds 2km has risen from 10 to 17. This trend is most pronounced in agricultural and fishing communities, such as Ongjin-gun and Sinan-gun. As the total number of ATMs in the country decreased by 2.9% last year, the gap in cash accessibility between metropolitan areas like Seoul and rural regions continues to widen.