SEOUL, Sept. 17 — South Koreans faced a “deficit-surplus-deficit” financial lifecycle, with their lifetime surplus peaking at age 45, statistical ministry data showed Thursday.
The Ministry of Data and Statistics released the 2024 National Transfer Accounts to analyze the relationship between consumption and labor income across different age groups.
From birth to age 27, individuals spent more than they earned, resulting in a deficit.
The deficit peaked at age 16 and reached 46.04 million won (about 33,330 U.S. dollars), driven by private educational costs for college entrance preparation.
South Koreans transitioned into a financial surplus at age 28, with their labor income outpacing consumption until age 60.
The surplus reached its peak of 19.32 million won at age 45 as per-capita labor income hit a lifetime high of 46.51 million won at that age.
Labor income shrank from age 61, when people entered their retirement years, shifting them back into a deficit.
It was fueled by rising medical and healthcare expenditures in the older generation.
(Namibia Daily News/Xinhua)
