Savings, loans are going toward housing
With housing prices continuing to climb, Koreans in their 30s are having to scrimp and save or qualify for large-scale loans in order to buy a house. According to a survey of 13,000 Woori Bank customers aged between 20 and 65 performed by the bank on November 22, 31.0 percent of respondents in their 30s were saving money to buy a house, compared to an average 18.2 percent of the total customers, and 18.3 percent of persons in their 30s were preparing to obtain a loan for the same reason. The older the respondents were, the more they put priority on preparing for life after retirement. About 35.5 percent of persons in their 40s, 49.5 percent in their 50s, and 65.8 percent in their 60s were saving money to prepare for retirement. In the meantime, the biggest aim of respondents in their 20s - 26.6 percent - was to prepare for wedding expenses. Among people in their 30s, those who were getting a loan to buy a house accounted for 49.5 percent, while 20.1 percent of persons in their 40s and 21.0 percent in their 50s to finance their business. "People in their 30s were found to put the highest priority on purchasing a house...This indicates that if the government places further regulations on mortgage loans, those in their 30s will be the hardest hit," said Lim Yeong-hak, vice chief at the bank's research and development team.Please direct questions or comments to [englishhani@hani.co.kr]
