ID :
206745
Tue, 09/13/2011 - 06:34
Auther :
Shortlink :
https://oananews.org//node/206745
The shortlink copeid
Household education expenditures hit 2-year low
SEOUL (Yonhap) - South Korean households' spending on education sank to a two-year low in the second quarter of this year as they faced financial difficulties amid weak economic growth, data showed Tuesday.
According to the data by the Bank of Korea (BOK), local households spent a total of 8.5 trillion won (US$7.88 billion) to finance the education of their children in the April-June period, down 1.2 percent from a year earlier and the lowest since the first quarter of 2009.
Households' inflation-adjusted education expenditures, which had increased since 1998, contracted in the second and third quarters of 2010 before bouncing back in the fourth quarter of last year and the first quarter of 2011, the BOK data showed.
According to a separate tally by Statistics Korea, households with two or more members spent a monthly average of 175,400 won in the second quarter, down 1 percent from a year earlier.
Experts said rising debts, falling income and high inflation had combined to force local households to cut back their spending on their children's education.
As of the end of June, local household debt reached nearly 900 trillion won, with consumer prices rising an average 4.5 percent in the January-August period.
According to the data by the Bank of Korea (BOK), local households spent a total of 8.5 trillion won (US$7.88 billion) to finance the education of their children in the April-June period, down 1.2 percent from a year earlier and the lowest since the first quarter of 2009.
Households' inflation-adjusted education expenditures, which had increased since 1998, contracted in the second and third quarters of 2010 before bouncing back in the fourth quarter of last year and the first quarter of 2011, the BOK data showed.
According to a separate tally by Statistics Korea, households with two or more members spent a monthly average of 175,400 won in the second quarter, down 1 percent from a year earlier.
Experts said rising debts, falling income and high inflation had combined to force local households to cut back their spending on their children's education.
As of the end of June, local household debt reached nearly 900 trillion won, with consumer prices rising an average 4.5 percent in the January-August period.
