A survey found that 43% of a monthly salary has already left the bank account the day after payday, and only 3% of the salary remains a month later.
According to the financial sector on the 28th, NH Nonghyup Bank analyzed data on customers who had their salaries transferred to the bank from January to June this year and received at least 1,000,000 won after tax, in its "NH Trend+" released on the 27th. The money left in the account the day after receiving pay was about 57% of average monthly salary, falling to 35% after five days and 22% after ten days.
The younger the age group, the faster the account balance shrank. For those in their 20s, 25% of the balance was gone within a day of receiving pay, and a month later it had fallen to about 48% of the payday balance. Those in their 60s kept 90% even after a day, and still had about 76% after a month.
The share of customers whose balance falls to 1,000,000 won or less after payday also varied widely by age. Ten days after payday, the share with a balance of 1,000,000 won or less was highest among those in their 20s at 61.6%, followed by 44.1% for those in their 30s, 37.6% for 40s, 31.4% for 50s and 23.0% for those 60 and older.
Average balances also grew with age. Those in their 20s had the smallest at 750,000 won, followed by 1,180,000 won for 30s, 1,560,000 won for 40s, 2,160,000 won for 50s and 3,560,000 won for those 60 and older.
The median monthly salary of customers receiving salary transfers was 3,710,000 won. By age group, those in their 50s were highest at 4,690,000 won, followed by 4,460,000 won for 40s, 3,640,000 won for 30s, 3,080,000 won for 60 and older and 3,030,000 won for 20s.
The 25th was the most common payday at 42.1%, followed by the 10th (13.3%) and the 21st (13.2%).