In the aftermath of the recent financial crisis, nearly 50 percent of Koreans believe they belong to the “marginal middle class (lower middle and upper low classes)” and many admit they are unhappy with their salaries, according to recent research conducted by JoongAng Ilbo and East Asia Institute.
Experts who participated in the survey and analysis said the research revealed that more people feel increasingly insecure about their living standards and are unsatisfied with their incomes.
Hankook Research asked 1,012 randomly sampled people aged over 19 which classes they thought they belong. Only 7.3 percent of respondents said they belong to the upper middle class.
This year, 48.7 percent of the 1,012 respondents said they belong to either the lower middle class (26.4 percent) or upper low class (22.3 percent), a 13.4 percent increase from December 2008’s survey.
Experts say the increase in the number of people defining themselves in lower class groups is partly due to the economic downturn since the global financial crisis. Lee Sook-jong, a professor of sociology at Sungkyunkwan University, said a large portion of middle class people are not satisfied with their lives because of their salaries. “The middle class, which upholds the country’s overall economy, has a sense of crumbling,” Lee said.
The research also revealed that the middle class earns 3.11 million won ($2,603.07) per month, but Lee said many respondents believe middle class people should earn at least 5.36 million won per month. “In other words, this means that in a subjective view people earn 3.11 million won, but in psychological perspective they regard 5.36 million won is the ideal salary for the middle class,” Lee said.
Because people place higher standards on defining “middle,” many people who actually belong to the middle class believe they are lower middle class or lower than middle class, Lee added.
Of the respondents who earn 5 million won per month, only 4.9 percent said they are upper class. Ku In-hoe, a professor of sociology at Seoul National University, said the priority and the greatest burden for middle class is their children’s education.
Nearly 70 percent of respondents valued educating their children because many believed education will help their children land a decent job. Many expect their children to complete a university degree and 60 percent considered sending their children to schools abroad.
“Forty-four percent of the middle class said education was the biggest economic burden, more than double those who chose food costs,” Ku said.
Kang Seog-hoon, a professor of economics at Sungshin Women’s University, said concerns over education fees was a factor in Korea’s low birthrate.