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S. Koreans Bear Financial Burden to Support Their Children, Even After Retirement

S. Koreans Bear Financial Burden to Support Their Children, Even After Retirement

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 [...]

Young South Koreans Save For House, While Chinese Save to Start a Business

Young South Koreans Save For House, While Chinese Save to Start a Business

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 [...]

Homebuying in Seoul for Youngsters Equivalent to 38 Years of Full Savings

Homebuying in Seoul for Youngsters Equivalent to 38 Years of Full Savings

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 [...]

More People Cancel Installment Savings amid Slump

More People Cancel Installment Savings amid Slump

SEOUL, Oct. 31 (Korea Bizwire) – More South Koreans have canceled their installment savings accounts before maturity this year, industry data showed Monday, an apparent sign that an increasing number of ordinary people are feeling the pinch from the country’s sluggish economy.  The early cancellation rate of installment savings accounts at Shinhan, KB Kookmin, KEB [...]

Koreans Aspire to Unrealistically High Retirement Savings Goals

Koreans Aspire to Unrealistically High Retirement Savings Goals

SEOUL, Jun. 26 (Korea Bizwire) — Koreans who consider themselves middle-income earners have unrealistically high expectations about their post-retirement lives, even as they save little. According to a survey conducted by AIA Group on 2,500 individuals from Korea, China, Hong Kong and Taiwan who consider themselves to be middle-income earners, Korean respondents answered that they [...]

Import Car Purchases Rising Quickly at the Expense of New Homes

Import Car Purchases Rising Quickly at the Expense of New Homes

SEOUL, South Korea, Sept 30 (Korea Bizwire) – The number of import cars on Korea’s roads is quickly on the rise. According to the Ministry of Land, Infrastructure, and Transportation, as many as 585,218 import cars have been registered with motor vehicle agencies in Korea for the eight-month period between January and August. This is more [...]