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Young Koreans Struggle with Modest Incomes and Rising Financial Pressures, Survey Finds

Young Koreans Struggle with Modest Incomes and Rising Financial Pressures, Survey Finds

SEOUL, April 1 (Korea Bizwire) —  South Korea’s young adults are grappling with limited income, high debt burdens, and increasing living costs, according to the newly released 2024 Youth Financial Status Survey by the Korea Inclusive Finance Agency. The average annual income among young people aged 19 to 34 stood at ₩30.92 million (approximately $21,000 as [...]

Cryptocurrency Investors in S. Korea Surpass 16 mln

Cryptocurrency Investors in S. Korea Surpass 16 mln

SEOUL, March 30 (Korea Bizwire) — The number of virtual asset investors in South Korea has surpassed 16 million, drawing close to overtaking the number of stock investors in the country, data showed Sunday. A total of 16.29 million people had accounts at the top five domestic virtual asset exchanges — Upbit, Bithumb, Coinone, Korbit [...]

Single-Parent Families in Korea Earn Just 60% of National Average, Report Finds

Single-Parent Families in Korea Earn Just 60% of National Average, Report Finds

SEOUL, March 30 (Korea Bizwire) — The average monthly income of single-parent families stands at only about 60 percent of the average for all households, a government report showed Sunday. The average income of single-parent families with children under the age of 18 came to 2.94 million won (US$2,003) in 2024, according to the Ministry [...]

Average Debt of S. Korean Wage Workers Rises Slightly in 2023 Amid Higher Interest Rates

Average Debt of S. Korean Wage Workers Rises Slightly in 2023 Amid Higher Interest Rates

SEOUL, March 27 (Korea Bizwire) — The average debt held by wage workers in South Korea edged up in 2023 from the previous year, despite a rise in the benchmark interest rate, partly due to government-funded low-interest loan programs for low-income individuals, the statistics agency said Thursday. The average bank and non-bank loans extended to [...]

Nearly 40% of Isolated Korean Youth Return to Seclusion Despite Efforts to Reconnect, Survey Finds

Nearly 40% of Isolated Korean Youth Return to Seclusion Despite Efforts to Reconnect, Survey Finds

SEOUL, March 26 (Korea Bizwire) —  A growing number of South Korea’s isolated and withdrawn youth are attempting to reenter daily life through study and hobbies, but nearly 40% ultimately fall back into isolation, according to the country’s first nationwide survey on the issue released Tuesday. The Korean Youth Policy Institute’s 2024 National Survey on Isolated [...]

Nearly Half of Older Self-Employed in South Korea Earn Below Minimum Wage, Study Finds

Nearly Half of Older Self-Employed in South Korea Earn Below Minimum Wage, Study Finds

SEOUL, March 23 (Korea Bizwire) — Nearly half of South Koreans over the age of 50 who transitioned from wage employment to self-employment are earning less than the country’s minimum wage, highlighting the precarious financial situation of older entrepreneurs. According to a report released on Sunday by the Korea Employment Information Service, analysis of Korea Welfare [...]

Marriages with Foreign Spouses in S. Korea Rise for 3rd Year in 2024

Marriages with Foreign Spouses in S. Korea Rise for 3rd Year in 2024

SEOUL, March 20 (Korea Bizwire) — The number of multicultural marriages reached 20,759 last year, up 1,042 from the previous year’s 19,717 cases, according to the data from Statistics Korea. The number of international marriages sharply declined to around 15,000 in 2020 from about 24,000 the previous year, and slid further to around 13,000 in [...]

Rising Household Debt Puts South Korea at No. 2 in Global Debt Rankings

Rising Household Debt Puts South Korea at No. 2 in Global Debt Rankings

SEOUL, March 16 (Korea Bizwire) — South Korea’s household debt-to-gross domestic product (GDP) ratio was the second highest among major nations, following Canada, amid growing concerns about rising household borrowing amid weak growth and domestic demand, data showed Sunday. The debt-to-GDP ratio for South Korea came to 91.7 percent in the fourth quarter of 2024, [...]

Short-Form Video Dominates South Korea’s Digital Viewing Habits

Short-Form Video Dominates South Korea’s Digital Viewing Habits

SEOUL, March 13 (Korea Bizwire) —  South Koreans are spending nearly seven times more time watching short-form videos than traditional over-the-top (OTT) streaming content, underscoring a shift in digital consumption patterns toward quick, engaging clips. According to a report released on Thursday by WiseApp Retail, a mobile app and retail analytics firm, the average South Korean [...]

South Korea’s Soaring Private Education Costs: Test Prep Starts at Age 4

South Korea’s Soaring Private Education Costs: Test Prep Starts at Age 4

SEOUL, March 13 (Korea Bizwire) — The South Korean government has, for the first time, publicly disclosed data on early childhood private education spending, shedding light on a rapidly expanding market that has sparked concerns over educational inequality and excessive academic pressure on young children. The Ministry of Education released findings from the 2024 Early Childhood [...]