Half of salaried workers are in debt, and they spend an average of W660,000 a month servicing their debts, a straw poll suggests. Employment portal Job Korea polled 496 salaried workers on their financial hardships, and 254 or 51.2 percent said they are in debt.
The burden of debt snowballs with age. The amount of money spent every month paying off debt steadily increased from W400,000 for workers in their 20s, W680,000 in their 30s and W840,000 in their 40s. Most respondents cited children's education costs or home purchases as the main reason for their debt.
Some 73.2 percent of those in their 20 ended up in debt for college tuition, while 54.1 percent of those in their 30s became indebted in order to buy a home, followed by college tuition with 26.7 percent and weeding loans with 23 percent.
Among those in their 40s, 61.9 percent said buying a home was the biggest reason for their debt, followed by their children's education cost and funds to start up a business.