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‘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 [...]

Banks Encouraged to Provide Policy Loans to Desperate Borrowers

Banks Encouraged to Provide Policy Loans to Desperate Borrowers

SEOUL, Dec. 21 (Korea Bizwire) — The financial regulator said Friday it will encourage banks to provide mid-rate policy loans worth 1 trillion won (US$886 million) to desperate borrowers from next year, as part of ongoing efforts to relieve their debt burdens. About 3 million borrowers, who have no option but to borrow money from [...]

Borrowers Can Ask Banks to Lower Loan Rates via Internet, Mobile Banking in 2019

Borrowers Can Ask Banks to Lower Loan Rates via Internet, Mobile Banking in 2019

SEOUL, Dec. 20 (Korea Bizwire) — The financial watchdog said Thursday it has revised its guidelines to allow borrowers to make online requests to banks for lower loan rates starting in 2019. Currently, borrowers with a good credit score must visit a physical bank branch to ask a bank to cut their loan rate. From [...]

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 [...]