Bank analysis finds salary account balances fall sharply after payday

NH Nonghyup Bank studied customers’ salary account balances from January to June this year.

The analysis covered customers who received at least 1 million won in take-home pay.

Across the group, the average balance was 57% of the salary one day after payday, 35% after five days and 22% after ten days.

The bank said just 3% remained after a month on average.

The article also gives age comparisons: people in their 20s had 48% of their payday balance after a month, while those aged 60 and over had 76%; it does not explain how these figures relate to the overall average.

Younger customers were more likely to have low balances: ten days after payday, 61.6% of people in their 20s had 1 million won or less in their accounts, compared with 23% of those aged 60 and over.

The figures show differences in account balances by age, but do not explain why the money was spent or transferred, or what may happen next.