S. Korean households' surplus fund hits record high in 2024

Xinhua
10 Apr 2025, 12:15 GMT+10

SEOUL, April 10 (Xinhua) -- South Korean households' surplus fund hit a record high last year due to weaker demand for new homes and consumption restraint, central bank data showed Thursday.

The net surplus fund, or the value of financial assets minus financial debts possessed by households and non-profit organizations, came to 215.5 trillion won (147.8 billion U.S. dollars) in 2024, up 55.0 trillion won compared to the previous year, according to the Bank of Korea.

It marked the highest since relevant data began to be compiled in 2009 on the back of the faltering housing market and sluggish consumer spending.

Financial assets, such as deposits and securities, advanced 71.3 trillion won to 266.1 trillion won last year.

The deposit holdings fell 16.2 trillion won, but the holdings of equity securities and investment funds increased 48.5 trillion won.

Financial liabilities gained 16.3 trillion won to 50.6 trillion won last year on lower interest rates.

The BOK lowered its benchmark interest rate by a quarter percentage point to 2.75 percent in February after cutting it by the same percentage point in October and November last year. (1 won equals 0.00069 U.S. dollars)

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