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Debt Recovery Applications Soar Among Business Owners and Day Laborers

Debt Recovery Applications Soar Among Business Owners and Day Laborers

SEOUL, Aug. 23 (Korea Bizwire) — Debt recovery applications are spreading among vulnerable members of the population including retired seniors, business owners, day laborers, and the jobless. The Credit Counselling & Recovery Service reported that 4,910 small business owners had applied for debt recovery this year as of July. The number of applications decreased between [...]

National Pension Beneficiaries See Big Drop in Purchasing Power After Retirement

National Pension Beneficiaries See Big Drop in Purchasing Power After Retirement

SEOUL, Apr. 23 (Korea Bizwire) — The Hana Institute of Finance, a research unit of Hana Financial Group Inc., has suggested in its “Report on the Retirement Life of South Korean National Pensioners” published on Monday that nearly half of the recipients of the national pension plan see a 50 percent drop in their purchasing [...]

S. Korea Vows Regulatory Reforms to Boost Fintech

S. Korea Vows Regulatory Reforms to Boost Fintech

SEOUL, Mar. 29 (Korea Bizwire) — There is at least one industry in South Korea where hardly a day goes by without financial authorities mentioning deregulation: financial technology, or fintech. Since the National Assembly passed bills last September on a “regulatory sandbox,” in which fintech firms are allowed to experiment under amicable regulations, state regulators [...]

South Korea’s Income Gap is Worsening

South Korea’s Income Gap is Worsening

SEOUL, Mar. 11 (Korea Bizwire) — The polarization of the South Korean economy has been accelerating ever since the country was stricken by the so-called IMF Crisis in 1997, which led to the introduction of neoliberal policies. The income gap among households has further widened over the last 20 years and is now ranked as [...]

‘Rich Households’ in S. Korea Spend Over US$11,000 per Month: Survey

‘Rich Households’ in S. Korea Spend Over US$11,000 per Month: Survey

SEOUL, Feb. 6 (Korea Bizwire) — “Wealthy households” in South Korea spent nearly four times more per month than the national average, a report showed Wednesday. According to the 2019 Korean Wealth Report issued by KEB Hana bank, households that owned more than 1 billion won (US$898,500) worth of financial assets spent an average of [...]

S. Korea’s Financial Literacy Scores Slightly below OECD Average

S. Korea’s Financial Literacy Scores Slightly below OECD Average

SEOUL, Jan. 28 (Korea Bizwire) — South Koreans’ financial literacy was slightly lower than the average of the Organization for Economic Cooperation and Development (OECD) countries last year, a survey showed Monday.  The financial literacy of South Korean people aged between 18 and 79 came to 62.2 points in 2018, according to the survey by the Bank of Korea [...]

Ads for Financial Products are Exaggerated: Poll

Ads for Financial Products are Exaggerated: Poll

SEOUL, Jan. 9 (Korea Bizwire) — About 60 percent of South Koreans say that advertisements for financial products are exaggerated, a survey showed Wednesday, underscoring customers’ mistrust towards the sector as a whole. The survey, conducted by Gallup Korea and commissioned by the Financial Services Commission (FSC), showed that 60.7 percent of the 2,194 respondents [...]

Seoul Citizens’ Debts Swell by 90 Trillion Won Over 7 Years: Report

Seoul Citizens’ Debts Swell by 90 Trillion Won Over 7 Years: Report

SEOUL, Jan. 4 (Korea Bizwire) — Seoul citizens’ debt load has increased by 90 trillion won (US$79.9 billion) over a seven-year period starting in 2010, a municipal think tank said Friday, calling attention to the liabilities of marginal households. The Seoul Institute, affiliated with the Seoul Metropolitan Government, said in a report that six out [...]

45 pct of Household Debt Belongs to Top 20 pct of the Population

45 pct of Household Debt Belongs to Top 20 pct of the Population

SEOUL, Dec. 21 (Korea Bizwire) — New data shows that wealthy South Koreans are more indebted than ever, meaning that so called “the rich getting richer” phenomenon in household debts is becoming ever more serious. It is estimated that the top income bracket borrowed additional money to purchase real estate, but higher housing prices led [...]