SEOUL, July 24 (Korea Bizwire) — South Korean households have saved an additional 100 trillion won (US$77.7 billion) or over during the COVID-19 pandemic from before the pandemic on reduced consumption and increased government support, a central bank report showed Monday. Excess savings made from 2020-2022 totaled between 101 trillion won and 129 trillion won, [...]
SEOUL, Sept. 6 (Korea Bizwire) — South Korea’s household savings rate is expected to drop down the road due to population aging as elderly people find little room to save due to falling income, a report said Thursday. South Korea became an aged society in 2017, with more than 14 percent of its 50 million [...]
SEOUL, Korea, Mar 6 (Korea Bizwire) – A while ago the Bank of Korea published a report on people’s tendency toward rarely opening up their wallets for fears of post-retirement livelihood. Then are Korean consumers saving more instead of spending? The reality is savings are falling as much as consumption. What’s going on here? According [...]