South Korean salaried workers have just 57 percent of their monthly pay remaining a day after payday, according to an analysis by NH NongHyup Bank.

The bank analyzed customers who received monthly after-tax salaries of at least 1 million won ($750) in the first half of this year. On average, workers had spent 43 percent of their salary within a day of payday, with 65 percent spent after five days and 78 percent after 10 days. By the end of the month, just 3 percent remained.

Younger workers depleted their checking-account balances faster than older age groups. After 30 days, people in their 20s retained 48 percent of their initial balances, compared to 57 percent among those in their 40s and 76 percent among those aged 60 and older.

Median checking-account balances also increased with age, rising from 750,000 won for people in their 20s to 3.56 million won for those aged 60 and older.


don@heraldcorp.com