Double-Income Households Earn and Spend More

  • By Jung Seok-woo

    July 12, 2021 12:59

    Double-income households earn 31 percent more than single-income households but also spend 23 percent more. The extra spending is partly explained by their need to hire domestic staff or nannies.

    Statistics Korea on Sunday said the average monthly income of a double-income household with two kids is W7.62 million, 30.8 percent higher than the average monthly income of single-income households with the same number of children, which was W5.83 million (US$1=W1,146).

    But the average monthly spending of double-income earners is W5.65 million, 22.7 percent higher than their single-income peers' W4.61 million.

    Double-income families spent an average of W703,631 a month on education, 46.4 percent more than single-income households, and W263,869 on helpers, 63.4 percent more.

    But they still have W1.97 million a month left over, while single-income households have only W1.22 million.

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