Excess funds held by South Korean households and non-profit agencies rose last year as consumer spending was subdued by lackluster income growth, the central bank said Monday.

The value of their excess funds amounted to 87 trillion won ($81.4 billion) in 2013, up from 83.4 trillion won the previous year, according to the Bank of Korea.

“Excess funds” refers to the volume of money that remains on the balance sheets of households after deposits and stock investments.

“Households and non-profit agencies held more excess funds last year as they refrained from further spending,” said an official at the BOK.

The South Korean economy grew 2.8 percent last year, the fastest in two years, but the growth, mostly led by exports, has not trickled down to households. The BOK expects Asia’s fourth-largest economy to grow 3.8 percent this year. (Yonhap)