Average Loan Amount for Wage Workers 42.45 Million Won... Increased by 2.81 Million Won in One Year

Statistics Korea, 2019 Job Administration Statistics 'Wage Workers' Debt'

Men 53.72 million KRW · Women 28.76 million KRW
Loan amount highest in '40s', delinquency rate highest in '70 and older'

[Sejong=Asia Economy Reporter Joo Sang-don] Last year, the average loan amount of wage workers increased by more than 2.8 million KRW compared to the previous year.

According to the '2019 Job Administration Statistics Wage Worker Debt' announced by Statistics Korea on the 29th, as of the end of December last year, the average loan amount of wage workers was 42.45 million KRW, an increase of 2.81 million KRW (7.1%) from the previous year.

The median loan amount of wage workers holding personal loans was 40 million KRW, up 4.4 million KRW (12.4%) from the previous year.

The average loan amount for men was 53.72 million KRW, and for women, 28.76 million KRW. The delinquency rate based on loan balance was 0.60% for men and 0.45% for women, with men having a 0.15 percentage point higher rate than women.

By age group, the loan amount was highest in the 40s, and the delinquency rate was highest among those aged 70 and older. The average loan amounts were 62.05 million KRW for those in their 40s, 56.16 million KRW for those in their 30s, and 51.34 million KRW for those in their 50s. The delinquency rates based on loan balance were 0.84% for those 70 and older, 0.82% for those in their 60s, and 0.72% for those in their 50s.

By income, the average loan amount for wage workers earning less than 30 million KRW was 26.25 million KRW, and for those earning 100 million KRW or more, it was 151.51 million KRW. The delinquency rates were 0.77% and 0.10%, respectively, with workers earning less than 30 million KRW having a higher rate.

The average loan amount for wage workers employed by large companies was 66.88 million KRW, while those working for small and medium-sized enterprises had 33.68 million KRW. Wage workers employed by government and non-corporate organizations had an average loan amount of 49.10 million KRW, and those working for individual businesses had 23.21 million KRW.

This content was produced with the assistance of AI translation services.