SEOUL, Oct. 4 (Korea Bizwire) — South Korea’s young, single-person households are focusing on their savings, contrary to previous expectations that they would focus on consumption, influenced by the YOLO — You Only Live Once — culture, a report showed Monday. KB Financial Group Research Institute conducted a nationwide survey of 2,000 male and female [...]
SEOUL, April 11 (Korea Bizwire) — South Korea’s personal pension savings grew 5 percent in 2021 as younger people have keen interest in making preparations for post-retirement life, data showed Monday. The country’s personal pension savings reserves came to 160.1 trillion won (US$130.2 billion) last year, up from the previous year’s 152.5 trillion won, according [...]
SEOUL, Feb. 28 (Korea Bizwire) — The government is under fire as it recently came to light that foreigners are also eligible for ‘Youth Hope Installment Savings’ accounts, high-interest savings plans introduced by the government for younger citizens. A 34-year-old office worker posted a petition on the website of the presidential office Cheong Wa Dae [...]
SEOUL, March 13 (Korea Bizwire) — The average South Korean employee says that they need to save at least 700 million won (US$572,640) to prepare for retirement. This result is based on a survey conducted by Saramin, an online job portal, targeting 1538 workers. However, only 35.6 percent of the office workers thought they would [...]
SEOUL, Jan. 14 (Korea Bizwire) — South Korean wealth creators accumulate an average of 1.57 billion won (US$1.4 million) through savings and investment, a recent study revealed. Standard Chartered Bank Korea Ltd., the local unit of Britain-based banking giant Standard Chartered PLC., joinly conducted a survey of 1,000 wealth creators in Seoul and Busan. They [...]
SEOUL, Oct. 14 (Korea Bizwire) — More than half of all commercial bank account savings are stored in the accounts of the top 1 percent. According to a report the Financial Supervisory Service submitted to Rep. Lee Tae-kyu, commercial bank account savings in South Korea had reached 623 trillion won (US$525 billion) as of July [...]
SEOUL, Jan. 29 (Korea Bizwire) — Six out of ten South Koreans in their forties and fifties continue to bear the financial burden of supporting their children, even after having retired. According to a survey conducted by the Korea Insurance Development Institute on South Korean citizens living in six major cities, 56.6 percent of those [...]
SEOUL, Aug. 3 (Korea Bizwire) — After a steep rise in the monthly salary of enlisted soldiers, most servicemen were found to have been preparing for their future by saving rather than increasing their consumption at the military commissary. According to the Ministry of Defense, a corporal’s salary was increased from 195,000 won to [...]
SEOUL, April 25 (Korea Bizwire) – Most middle-class young South Koreans are saving in an effort to work up the property ladder, while young Chinese people are saving with the hope of opening a new business, a recent study revealed. According to the report released yesterday by Standard Charted Group on middle-class income earners in Asia [...]
SEOUL, Nov. 28 (Korea Bizwire) – It would take more than 38 years for the young generation of today to save enough money be able to buy an apartment in the capital, if they save all of their disposable income, statistics showed Monday. The average monthly disposable income for people 39 years old or under [...]