SEOUL, May 26 (Korea Bizwire) – South Korean salaried workers spend nearly 70 percent of their monthly income on average, according to a new report from Nielsen Korea.
The newly published Nielsen report, which was conducted with the participation of 1,000 individuals aged between 19 and 70 last month, revealed South Koreans spend on average 67 percent of what they earn every month, while 48.8 percent said their current income was not enough to satisfy their ideal standard of living.
When asked how much more would be ideal, over 40 percent among those respondents said a further one million won could help them reach their ideal living standard while 34.2 percent wanted double the amount.
The report also revealed 10 percent of the respondents thought they needed a further 3 million won to fulfill their needs, while 8 percent thought a mere extra 500,000 won would be sufficient.
Nearly half of the respondents (45.5 percent) defined rational consumption as consisting of plans and calculation.
However, the spending style of South Korean consumers was far from what they perceived as ideal, as around six in ten South Korean consumers were found to have no plan or budget for their spending, while over 67 percent said they didn’t keep a household ledger.
Over 60 percent said they tend to purchase more than they plan.
Hyunsu Yim (email@example.com)