2009 Citi Financial Quotient Survey - South Korea Results
The third annual Citi Fin-Q Survey was conducted by global research firm CXC Research and involved surveying 5,200 people across 11 countries including Korea, Australia, China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, Taiwan and Thailand.
In Korea, the online survey was conducted from 6 to 12 October 2009 with 500 randomly selected respondents across multiple age, gender and income groups. The results showed that only 43% of Koreans are somewhat/very satisfied with their current quality of life – a level of satisfaction considerably lower than the Asia Pacific average of 67%.
As for the financial future, only 53% of Koreans report being optimistic about their financial future compared to the regional average of 69%.
62% of the respondents in Korea said their finances were affected by the Global Financial Crisis (Asia Pacific average is 49%). At the same time, 68% of Koreans said their retirement plans suffer serious losses as a result of Global Financial Crisis compared to 82% regionally.
As for the impact of the GFC, 32% of Korean respondents had to make tough changes on their finances in the past year compared to 51% regionally.
73% of the Korean participants said they are now paying more attention to their finances than ever before, and the biggest financial concern of Koreans at the moment is building their savings back up. 48% say they don’t feel secure in their current job, and on average, Koreans have set aside almost 11 weeks savings in reserve in the event of a job loss.
As for the question on what Koreans would most likely do with extra cash if they wanted to increase their overall wealth or net worth, 53% of Koreans show a willingness to accept a higher level of risk (i.e. invest in stocks, shares or unit trusts), and 42% indicated that they would most likely put money into savings or fixed term deposits.
Given the choice of four different types of credit cards/credit card reward programs, the clear preference of Koreans (47%) was for a low annual fee card with a basic Loyalty or Rewards Program. In addition, the survey showed that 87% pay off their outstanding credit card balance in the average month.
When asked about their current views on investing with the emergence of more positive economic news and improvements in financial markets:
One-third of Koreans (32%) reported that they “stopped investing during the crisis but are now open to investing again when the right opportunity comes up”
20% suggest that they have already returned to investing
9% report that they stayed invested right through the crisis
The average annual income of Korean respondents was 40 million KRW, and average retirement savings was 106 million KRW. 77% of Korean respondents had major credit cards, which was higher than 72% of Asia Pacific average. Subscription to life insurance was relatively similar indicating 64% in Korea and 63% in Asia Pacific. Utilization of mortgage/home loan was 16%, which is lower than 32% in Asia Pacific, whereas the utilization of personal loan/line of credit was much higher at 57%, compared to 47% in Asia Pacific. The subscription to disability insurance was highest among Asia Pacific region showing 50%, Asia Pacific average is 23%. Also, critical illness insurance is 34% in Korea, higher than 27% in Asia Pacific average. However, retirement savings account holders were 15%, slightly lower than 17% in Asia Pacific, and up to date will holders were 1%, lowest in Asia Pacific region (average is 6%)
About the Citi Fin-Q Survey 2009
The Citi Fin-Q Survey was designed to measure the Financial Quotient (Fin-Q Score) or financial well-being of consumers. As part of this survey, Citi scored respondents on 11 different questions closely related to financial well-being with a maximum possible score of 100. The survey also incorporated separate attitudinal and lifestyle questions.
The third annual Citi Fin-Q Survey was conducted by global research firm CXC Research and involved surveying 5,200 people across 11 countries including Korea, Australia, China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, Taiwan and Thailand. In Korea, the online survey was conducted from 6 to 12 October 2009 with 500 randomly selected respondents across multiple age, gender and income groups. The margin of error for a sample size of N=500 is +/- 5%, 19 times out of 20.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 global markets, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
한국씨티은행 개요
씨티은행은 1967년 최초로 한국에 진출한 이래 45년 동안 선진 금융 서비스를 국내 고객에게 제공해 왔으며, 2008년 글로벌 금융위기 때 8억불을 증자해 국내 외환시장 안정에 기여했고, 1970년대 석유 파동시 2억불 차관 제공으로 한국의 무역수지 개선에 기여한 공로로 수교훈장 ‘숭례장’을, 1997년 외환위기 당시 240억불 대외 부채 상환 연장에 기여한 공로로 수교훈장 ‘흥인장’을 받는 등 한국 경제가 어려움에 처할 때에 곁에서 힘이 돼 준 친구 같은 은행이다.
웹사이트: http://www.citibank.co.kr
연락처
Shin, Hyeon Jeong
Communication Dept.
Citibank Korea Inc.
82-2-3455-2330
