Personal Finance Archives | Be Korea-savvy

Archive by category Personal Finance

Kakao Pay to Allow Users to ‘Sprinkle’ Their Cash with Friends

Kakao Pay to Allow Users to ‘Sprinkle’ Their Cash with Friends

SEOUL, Dec. 4 (Korea Bizwire) — Kakao Pay announced on Monday that it will be adding a ‘sprinkle’ service using its money-wiring function. The ‘sprinkle’ service allows a user to share a certain amount of money with their friends in a KakaoTalk chatroom. The user first selects the number of recipients and the amount of [...]

Kakao Pay’s Investment Products Sell Out on 1st Day

Kakao Pay’s Investment Products Sell Out on 1st Day

SEOUL, Nov. 20 (Korea Bizwire) — Kakaopay Corp., a South Korean mobile payment platform provider, said Tuesday that four investment products sold out in just four hours and 20 minutes on the first day of launch. On Monday, the company said it will launch a new service called Kakao Investment, allowing users to invest in [...]

Youths More Prone to Voice Phishing Scams than Elderly: Data

Youths More Prone to Voice Phishing Scams than Elderly: Data

SEOUL, Oct. 30 (Korea Bizwire) — Contrary to popular belief, young people were found to have fallen prey to voice phishing scams more than senior citizens, data showed Tuesday. According to the data from the Financial Supervisory Service (FSS), those in their 20s and 30s lost 42.5 billion won (US$37.26 million) from this kind of [...]

South Korea’s Average Wealth Level Similar to that of Western Europe: Report

South Korea’s Average Wealth Level Similar to that of Western Europe: Report

SEOUL, Oct. 24 (Korea Bizwire) — An international financial research institute has published a report stating the average wealth of Korean adults is approximately 200 million won. According to the “Global Wealth Report 2018” published by Credit Suisse Research Institute (CSRI), the average monetary assets held by adult Koreans totaled $171,740, which was equivalent to [...]

About 520,000 People Believed to Have Used Money from Loan Sharks in 2017

About 520,000 People Believed to Have Used Money from Loan Sharks in 2017

SEOUL, Oct. 23 (Korea Bizwire) — About 520,000 people, or 1.3 percent of South Korea’s population, were believed to have borrowed money from loan sharks last year, a survey showed Tuesday. They borrowed an estimated 6.8 trillion won (US$6 billion) from unregistered lenders at the end of last year, according to the survey of 5,000 [...]

46 pct of South Koreans Financially Unprepared for the Future

46 pct of South Koreans Financially Unprepared for the Future

SEOUL, Oct. 18 (Korea Bizwire) — Nearly half of all South Koreans say they are economically unprepared for life after retirement. According to a study conducted by the Korea Insurance Research Institute, 45.9 percent of 2,440 adults surveyed said that “they were not prepared economically for the final years of their lives.” Among respondents, 38.8 [...]

Growing Number of South Koreans Don’t Pay National Pension Dues

Growing Number of South Koreans Don’t Pay National Pension Dues

SEOUL, Oct. 17 (Korea Bizwire) – There has been a rise, in recent years, of the number of South Koreans who pay national health insurance premiums, required for people to benefit from subsidized hospital bills, but yet do not pay into the national pension plan. According to data submitted by the National Health Insurance Service [...]

Gov’t Plans to Cut Maximum Legal Lending Rate to 20 pct

Gov’t Plans to Cut Maximum Legal Lending Rate to 20 pct

SEOUL, Oct. 11 (Korea Bizwire) — The government plans to gradually cut the maximum interest rate that private lenders can charge to 20 percent per annum, the financial regulator said Thursday. In a parliamentary audit meeting, Financial Services Commission (FSC) Chairman Choi Jong-ku said the plan is aimed at further easing the financial burdens on [...]

Household Debts Rise in Both Total, Individual Average from Year Ago

Household Debts Rise in Both Total, Individual Average from Year Ago

SEOUL, Oct. 10 (Korea Bizwire) — Nearly four out of 10 South Koreans have an average household debt of 80 million won (US$70,690), an increase of 3.3 percent from a year ago, according to figures from a credit information provider. The data, provided by National Information & Credit Evaluation Inc. (NICE) to ruling party lawmaker [...]