Majority of single-person households turn to side jobs amid high cost of living

More than half of South Koreans living alone have side jobs amid a growing cost-of-living squeeze, a report said Sunday.

Among 2,000 economically active men and women aged 25 to 29 living alone in the metropolitan area, 54.8 percent of respondents said they earn extra money through a second job, according to a report by KB Financial Group's think tank. The figure significantly grew from 42 percent in 2022.

Among the respondents this year, 38.8 percent said they took on a side gig to save money for emergencies, followed by 18.7 percent saying they had time to spare and 13.2 percent said they were struggling with living expenses.

The most popular activity among second-job holders was watching advertisements or complete tasks for rewards, accounting for 42.1 percent. Other activities included social media content creation or blogging, with 6.2 percent, and part-time service jobs, with 3.8 percent.

The average annual income of the respondents came to 37.8 million won ($27,148), with 40.8 percent of their monthly income spent on living expenses such as housing, food and leisure expenses including entertainment and hobbies. On average, 12.6 percent was used to repay debt while 30.3 percent went into to savings.

The financial strain appears to have also affected people's eating habits, with respondents saying they have an average of 12.9 meals per week, or only 1.8 meals per day. The figure is a drop from 2020 when the average was 15.5 meals per week, or 2.2 meals per day.

The report also showed that 45.1 percent of single-person households live in rental housing, up 8.9 percent from 2022. The proportion of those renting through "jeonse," the Korean system in which the tenant pays a large returnable lump-sum deposit instead of monthly rent, came to 30 percent, down 6.2 percent from the previous year. Only 21.8 percent lived in their own homes, down 2.1 percent from 2022.

Despite the high cost of living, 71.2 percent of respondents said they are satisfied with living alone, up from 68.2 percent in 2022.