People Feel Poorer than Before
About one third of middle class people now regard themselves to be poorer since the International Monetary Fund(IMF) bailout came to Korea in November 1997.According to the survey of the Hyundai Economy Research Institute on April 13, one third of the middle class feel they fell to the bottom level in terms of their standard of living.
Out of 993 respondents, 19.7 percent replied they are experiencing a lower standard of living. Forty one percent said they are still in the middle class regardless of the economic changes.
People who regard themselves as upper class were only 0.6 percent, while bottom part occupied 34.3 percent of the total.
The reasons for a declining status level were mainly a reduction of earnings, unemployment, uneasy state of mind and an increase of debt.
A source from the institute predicted, 'The middle class confidence has been lost and it won't recover in the near future.'
Hwashik Bong : trojans@joongang.co.kr
with the Korea JoongAng Daily
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