South Korean seniors tighten purse strings as life expectancy rises
Social affairsOct 29, 2018
A growing number of seniors in South Korea are spending less than before, as the focus is shifting toward savings in preparation for a longer retirement.According to a new government report released by the National Assembly Budget Office on Sunday, South Korean elders are spending considerably less of their incomes than their American and Japanese counterparts.The average propensity to consume, which measures the income spent on goods and services, stood at 67.2 percent in 2016, the economic out