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Bottom 20% Income Bracket Spent 76% of Disposable Income for Essential Living Costs in Q2

Written: 2022-08-21 14:05:23Updated: 2022-08-21 18:00:51

Bottom 20% Income Bracket Spent 76% of Disposable Income for Essential Living Costs in Q2

Photo : YONHAP News

New data finds that households in the bottom 20 percent income bracket spent more than 70 percent of their disposable income on essential living costs in the second quarter.

According to the Korean Statistical Information Service on Sunday, such households spent around 713-thousand won per month on food, housing and transportation expenses in the April-to-June period.

The sum is 75-point-nine percent of their average monthly disposable income of some 940-thousand won.

The percentage is more than triple that of households in the top 20 percent income bracket, which were estimated to spend around 26 percent of their disposable income on essential living costs.

The bottom 20 percent households spent about 248-thousand or 26-point-four percent of their disposable income on food products and 144-thousand won or 15-point-four percent for eating out, spending more than 40 percent of their disposable income on food.

They spent some 222-thousand won or 23-point-six percent on monthly rent and other housing-related expenses, and some 100-thousand won for transportation expenses or fuel costs for personal vehicles per month.

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