September 30, 2015 11:14
Increased economic instability coupled with low interest rates is prompting more Koreans to put their money into low-return but low-risk savings accounts over other investment products.
According to the Bank of Korea on Monday, the biggest increase in household assets in the second quarter was cash deposits, representing some 56 percent of the total net inflow.
This is much higher than the 46 percent recorded for the whole of last year. Also, the amount invested in long-term products is more than double that invested in short-term products.
More money is being deposited in non-banking financial institutions than major banks because they offer slightly higher interests.
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