SEOUL, Oct. 11 (Korea Bizwire) — The Bank of Korea (BOK)’s first interest rate cut in 38 months highlighted the urgent need for South Korea to ease interest burdens on households and businesses to prop up sagging domestic demand despite concerns over rising home prices and household debts, experts said Friday. The BOK lowered its [...]
SEOUL, Aug. 19 (Korea Bizwire) — Major South Korean banks are scurrying to further raise their lending rates, alarmed by a spike in household loans amid extended easing monetary policy, industry sources said Monday. KB Bank, Shinhan Bank and Hana Bank will raise their lending rates on mortgage loans by between 0.1 percentage point and [...]
SEOUL, Aug. 12 (Korea Bizwire) – A recent study has shed light on the growing social isolation faced by individuals living alone in Seoul, South Korea’s bustling capital. More than half of Seoul’s single-person households report having no one to turn to for help with daily tasks or during emergencies, raising concerns about the need for [...]
SEOUL, Apr. 12 (Korea Bizwire) – The district of Jung-gu in Incheon has launched a mobile application aimed at preventing isolated deaths among its growing population of single-person households, officials announced on Tuesday. The “Safe eJung-gu” app is designed to automatically send emergency text message alerts to pre-registered guardians if the user, deemed at high risk [...]
SEOUL, Apr. 10 (Korea Bizwire) – The number of single-person households in South Korea has surpassed 10 million, driven by rapid aging and a growing trend toward remaining single, prompting the government to explore policies catering to this demographic shift. According to population statistics from the Ministry of Interior and Safety released on April 9, there [...]
SEOUL, Jan. 26 (Korea Bizwire) — Children and teenagers from households with lower incomes have lower satisfaction in engaging with family members and friends, a government report has showed. Statistics Korea conducted a survey of children and teens between 9-18 years of age in 2020, which showed that the satisfaction level of engaging with family [...]
SEOUL, Sept. 18 (Korea Bizwire) — The number of South Korean households is likely to peak at 22.65 million in 2040 before declining to 22.3 million in 2047, the country’s statistics agency said Wednesday, in the latest sign of a population decline in Asia’s fourth-largest economy. In 2017, the number of households in South Korea [...]
SEOUL, Dec. 30 (Korea Bizwire) – Forty-two percent of South Korean households believe their economic conditions will deteriorate next year, according to a survey by Gallup Korea released Friday. The survey suggested that South Korea’s consumer confidence has sharply eroded amid uncertainties in the troubled shipping and shipbuilding sectors, and an ongoing influence-peddling scandal involving [...]
SEOUL, Nov. 9 (Korea Bizwire) – Amid stagnant growth of local household consumption, a recent study indicated that the elderly will play an essential role in leading Korea’s future consumption. According to the report – Consumption Status of the Elderly and its Implications – compiled by the Bank of Korea’s research bureau, the contribution rate [...]
SEOUL, Jan. 8 (Korea Bizwire) – How do Korean men fare when it comes to sharing chores with their wives? According to a report published by Statistics Korea on January 7, Korean men ranked poorly out of the 12 nationalities. The report was based on the International Social Survey Programme (ISSP). The report deals with 6 main [...]