South Korea consumer survey Which groups are facing increasing financial stress amid COVID-19 in South Korea?

UBS Evidence Lab asked 1,000 South Korean consumers how they have been affected by Covid-19. Overall, it has brought high financial stress and unemployment concerns.

08 May 2020
  • Despite social distancing, more than 60% of employees are still going to work as usual. Fewer than 20% are mostly or entirely working from home.
  • Approximately one-third of employees have not felt a significant impact from Covid-19. Another 35% have seen their income decrease, though they get more leave in compensation.
  • Around 20% are afraid they will lose their job or their business won't survive. This figure is significantly higher among low-income respondents.
  • 43% of respondents feel they are under moderate or high financial stress, especially those with low incomes (below 3m won).
  • Those who go to work as usual are under less stress than those who are working from home.

Working-from-home status among Korean employees

Source: UBS Evidence Lab

Changes in working & income situation after Covid-19 outbreak

Source: UBS Evidence Lab

Extent of financial stress owning to Covid-19 by monthly household income

Source: UBS Evidence Lab

Extent of financial stress owning to Covid-19 by working-from-home status

Source: UBS Evidence Lab