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Survey: Low Income Households Post Deficit for 9th Straight Year

Written: 2021-12-02 19:44:46Updated: 2021-12-02 19:56:16

Survey: Low Income Households Post Deficit for 9th Straight Year

Photo : YONHAP News

A survey shows that the average income of South Korean households in the lowest 20 percent income bracket was less than their average expenditure for the ninth consecutive year through last year. 

The results are from a study based on Statistics Korea's data conducted by a research institute affiliated with the nation’s major umbrella labor union group, Korean Confederation of Trade Unions(KCTU), released on Thursday. 

According to the survey, the first-quintile group, who are in the bottom 20 percent income bracket, earned an ordinary income of 11-point-55 million won last year and spent 11-point-97 million won, generating an average deficit worth 420-thousand won. 

Meanwhile, the survey also noted a significant gap between the highest and lowest income brackets in terms of child education expenses. 

The fifth-quintile group, or those in the top 20 percent bracket, spent seven-point-91 million won to educate their children last year. That is 36 times the amount spent by the first-quintile group, which stood at 220-thousand won.

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