In fact, their monthly average income is 3,660,000 won, but their ideal standard of income runs to 5,110,000 won. (image: KobizMedia/ Korea Bizwire)
SEOUL, Nov. 30 (Korea Bizwire) – According to a recent study entitled ‘2017 Korean Middle Class Report’ from the 100 Years of Age Lab at NH Investment & Securities, six out of ten middle class Koreans think they are a part of the Korean lower class.
From October 17 to 21, the survey targeted 1,025 individuals from the middle class, 250 from the lower class and 250 from the upper class amongst those in their 30s to 50s.
For the purposes of the study, the middle class was defined as those with incomes from 50 to 150 percent of median earnings. For instance, for a family of four, those earning 1,940,000 to 5,800,000 won make up the middle class. With this standard, 67.4 percent of Koreans fall under the middle class.
However, only 43.3 percent of those in the middle class viewed themselves as really belonging there. According to researchers’ analysis, it is because they have a higher standard of being in middle class.
In fact, their monthly average income is 3,660,000 won, but their ideal standard of income runs to 5,110,000 won.
When it comes to net assets, 640 million won was seen as the ideal figure, though actual net assets averaged 180 million won.
Of the respondents, 37.5 percent expected their monthly income to be lower than one million won after retirement, which does not even reach the lower class income (1,370,000 won) of a family of two.
Which class you are in is likely to determine your quality of life. In terms of average sleep time, those in the upper class tend to have much time to sleep (6.5 hours) compared to those in the middle class (6.4 hours) and lower class (6.2 hours).
In addition, 42.7 percent of lower class individuals answered that they can’t enjoy cultural activities at all, which was more than double the rate for respondents from the middle class (20.5 percent). In the lower class, 56.5 percent of respondents hadn’t taken a trip in the past year, which was much higher than the figure from the middle (18 percent) and upper class (8 percent).
“Many in the Korean middle class are intimidated and tend to devalue themselves due to the gap between what they see as ideal and reality. In order to maintain their position in the middle class, they need to prepare a tailored strategy matched to their current age and income status for life after retirement.”
By Lina Jang (linajang@koreabizwire.com)
