Around seven out of 10 South Korean households perceive their financial situation having worsened compared to a year ago due to inflation. (Image courtesy of Yonhap)
SEOUL, March 20 (Korea Bizwire) — Around seven out of 10 South Korean households perceive their financial situation having worsened compared to a year ago due to inflation, a poll showed Thursday.
According to the survey carried out by the Federation of Korean Industries (FKI) on 1,000 adults nationwide recently, 71.5 percent of respondents said they felt their household finances had deteriorated over the past year.
When asked about the extent of financial change, 26.4 percent reported a 20-30 percent deterioration, while 23.2 percent reported a decline of under 10 percent. The overall perceived decline in household economic conditions was averaged at 7.7 percent.
Regarding the primary sources of financial hardship, inflation was cited by 71.9 percent of respondents. Other major concerns included reduced income and job insecurity.
Among specific areas, food and dining expenses were the most affected at 72 percent, followed by energy and housing expenses at 11 percent and 4.5 percent, respectively.
“A prolonged economic downturn and high inflation have severely impacted household finances,” an FKI official said, while emphasizing the need for the government to promote a business-friendly environment to stimulate investment and job creation.
(Yonhap)
