| Gyeongdong Market, Cheongnyangni, Seoul / Photo = Yonhap News |
It was found that in the second quarter of this year, one in four houses was living in the red.
In particular, households with deficits increased the most in the lowest-income bracket.
The proportion of households that spent more money than they earned in the second quarter of this year increased by 4.4 percentage points from a year ago to 24.4%.
Although income decreased, household spending increased due to factors such as rising prices.
However, this 2Q household trend survey did not reflect the 4th spread of COVID-19 and the effect of strengthening social distancing.
According to the household trend survey for the second quarter recently released by the National Statistical Office on the 22nd, the proportion of households with deficits among households in the first decile (lowest 20% of income) was 55.3%, an increase of 8.2 percentage points from the same period last year, and 25.4% (25.4%, +4.8%p). ), third decile (15.6%, +1.5%p), fourth quartile (15.5% +5%p), and fifth quintile (10.5%, +2.8%p), etc. It stands out.
The bottom 20% with the lowest income, that is, 55.3% of households in the first quintile, were households with deficits, an increase of 8.2 percentage points compared to the same period last year.
In other words, more than half of the bottom 20% of households have suffered a deficit.
Households in the first quintile earned an average of 966,000 won per month in the second quarter of this year, spending 1153,000 won on consumption.
In the second quarter of 2019, he earned 904,000 won and spent 970,000 won on consumption.
In 2020, he earned 10.31 million won and spent 1,077,000 won.
The ratio of households with deficits is the proportion of households with more consumption expenditure than the household’s disposable income (income minus non-consumption expenses such as taxes and social insurance premiums).
An official from the National Statistical Office said, “Last year, household income temporarily increased due to the nationwide disaster relief fund, but this effect disappeared in the second quarter of this year, resulting in a decrease in income from a year ago. The proportion of households has increased,” he explained.
In addition, he added, “Consumption expenditure increased significantly compared to 2019, but there is an effect that prices such as food have risen a lot.”
In the second quarter, the average monthly income per household (4,287,000 won) decreased by 0.7% from a year ago, led by public transfer income (down 172,000 won), while expenditure (3308,000 won) increased by 4%.
By income level, spending increased in the 1st, 2nd, 3rd, and 5th quintiles minus the quartile, and income only increased in the top 20% quintile.
The ratio of households with deficits in the second quarter of last year was 20%, which is 5.7 percentage points lower than in the second quarter of 2019. Last year, the national disaster relief fund played a significant role as a shield against the deficit, but it is analyzed that this year was difficult to expect.
The first decile has a higher deficit than the other quintiles because they earn little money and have limitations in reducing essential expenses.
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