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Pension Savings Grow 5 pct in 2021 amid Youngsters’ Keen Interest in Retirement Preparations

Pension Savings Grow 5 pct in 2021 amid Youngsters’ Keen Interest in Retirement Preparations

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 [...]

S. Korean Wealth Creators Accumulate 1.57 bln Won Until Retirement

S. Korean Wealth Creators Accumulate 1.57 bln Won Until Retirement

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 [...]

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 [...]