{"id":2205415,"date":"2024-06-10T14:25:42","date_gmt":"2024-06-10T05:25:42","guid":{"rendered":"https:\/\/koreapro.org\/?p=2205415"},"modified":"2024-06-11T16:45:56","modified_gmt":"2024-06-11T07:45:56","slug":"distorted-wealth-perceptions-make-young-south-koreans-feel-poorer-than-they-are","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/06\/distorted-wealth-perceptions-make-young-south-koreans-feel-poorer-than-they-are\/","title":{"rendered":"Distorted wealth perceptions make young South Koreans feel poorer than they are"},"content":{"rendered":"
A growing number of South Koreans perceive themselves as worse off than they are, driven by a phenomenon known as \u201c<\/span>inflating criteria for average<\/span><\/a>.\u201d This trend, where the lifestyles of the top 10% are conflated with the social norm, creates immense pressure on individuals to emulate unrealistic standards, leading to widespread feelings of relative deprivation and dissatisfaction.<\/span><\/p>\n The consequences of this distorted perception are far-reaching, contributing to various social issues such as declining marriage and birth rates in the country.<\/span><\/p>\n A 2024 report by the <\/span>Korea Development Institute<\/span><\/a> (KDI) reveals that South Korea\u2019s middle class, defined as households with incomes between 75% and 200% of the national median income, has expanded in recent years. However, nearly half of the middle class identifies as working class, according to a separate report by <\/span>NH Investment and Securities<\/span><\/a>.<\/span><\/p>\n The KDI report indicates that individuals earning an upper-class income (at least $5,300 per month) who do not own a home in Gangnam, an affluent district in Korea, may identify as middle class or even working class. This suggests that the location of one\u2019s residence, rather than homeownership itself, is a significant psychological factor in determining perceived socioeconomic status.<\/span><\/p>\n Numerous local media reports and online communities have highlighted this trend in which young South Koreans perceive the average life to consist of having a degree from a Seoul-based college, owning high-end fashion items, being able to vacation abroad and owning a home in Seoul, among other factors.<\/span><\/p>\n \u201cMany Koreans conflate the lifestyle of society\u2019s top 10% with the social norm, resulting in feelings of relative deprivation because most middle-class earners cannot afford such a lifestyle,\u201d Lee Eun-hee, a professor of consumer science at Inha University, told <\/span>Korea Pro<\/span><\/i>.<\/span><\/p>\n