Study finds young Koreans fear risk more than elders. Here's why

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Finance Minister Choi Sang-mok, who was also serving as acting president and prime minister at the time, listens to Alfred Pets CEO Kwon Soon-woo explain eco-friendly innovations, including upcycled cat litter, during a visit to the Yeoksam Youth Startup Hub in Seoul on March 17. (Newsis)

In South Korea, Baby Boomers — those in their 60s or older — are the most open to risk-taking, while their younger peers show greater aversion, according to a new national survey.

The survey, conducted by the Center for Ambitious Failure at the Korea Advanced Institute of Science and Technology with 1,500 adult respondents across age groups, found that 50.3 percent of those in their late 20s to late 30s described themselves as "not adventurous" or unwilling to take risks, the highest percentage among all age groups.

That figure dropped to 40.6 percent among respondents in their early 20s, and 44 percent for those in their 40s. By contrast, just 29.3 percent of those aged 60 and older said the same, making Baby Boomers the most open to risk-taking.

The results challenge the common assumption that youth are naturally bolder or more innovative.

“Older Koreans saw hard work pay off during rapid growth,” KAIST researchers noted. “But younger generations grew up with a stagnant job market, rising inequality, and fierce competition — many no longer believe effort or risk leads to real rewards.”

Fear of failure weighs heavy

Launched in 2021, the Center for Ambitious Failure at KAIST is the first research institute of its kind in South Korea, dedicated to collecting and analyzing real-world cases of failure across science, business, and leadership.

The Center for Ambitious Failure at KAIST systematically gathers and analyzes examples of failure from research, business, and leadership to encourage resilience and innovation. (KAIST)

Researchers pointed to the pressures of South Korea’s rigid “social clock” — an unwritten expectation to hit key life milestones by set ages. According to the survey, 83.4 percent of respondents agreed that “in Korean society, you need to accomplish certain milestones by a specific age to live a stable life.”

Among Baby Boomers, nearly 90 percent agreed, while about 70 percent of Gen Z respondents felt the same.

The fear of failure is deeply embedded. A full 77.2 percent said Korean society is unforgiving when people fail. Over half (58.2 percent) agreed that “in Korea, even if you fail once, you're often labeled as someone who didn’t make it.” Only 35.1 percent said failure is treated as a chance to learn; the majority (64.9 percent) viewed it as a source of shame.

Attempts to try something new are met with skepticism. Just 35.6 percent of respondents believed that people who take on unproven challenges are "respected or supported." The rest said risk-takers are more often seen as "reckless or dismissed."

That fear, researchers say, is rooted in a strong concern for how one is perceived. “Excessive social consciousness is a major factor in the fear of failure,” the KAIST team noted.

“In a society where failure is judged harshly by others, telling young people to just be brave and take risks is unrealistic,” they wrote.

mjh@heraldcorp.com