Homes hit by growing billsThe portion of taxes, insurance payments and financial costs against Korean household income reached a record high last year due mainly to increased debts and social insurance contributions.
According to data compiled by Statistics Korea, Korean households with two or more members spent a monthly average of 722,000 won ($645) on taxes, interest payments and insurance payments last year, which accounted for 18.8 percent of their monthly average income of 3.84 million won.
The portion of nonconsumption expenditures by households was the highest since the statistics agency began compiling data in 2003. Yonhap
More in Finance
5-day winning streak ends as Kospi drops 0.62 percent
Debt is the latest hot product being pushed into the market
China's WeChat Pay and Seoul's Zero Pay now interoperable
Kospi sets another all-time high as optimism continues
Kim Kwang-soo named as sole candidate to head banking federation