Around 75 percent of South Koreans think they are trapped in their income bracket with little chance of rising to upper echelons, a poll showed Monday, with many citing soaring living costs as a reason.
According to the nationwide survey of 1,015 South Koreans conducted by the Hyundai Research Institute in August, only 24.8 percent said there is high chance that they will move up to a higher-income bracket.
Of the main factors that make class ascendancy unlikely, 35.7 percent cited "rising living expenses," followed by "unfair opportunities" with 28.2 percent and "falling wages" with 17.7 percent.
"Mounting household debts" and "falling values of assets" were also cited as main causes that hinder South Koreans from moving up to higher-income brackets.
Nearly 21 percent responded that their income declined on-year in August, while only 2.3 percent said their earnings improved.
Among respondents with regular jobs, 61 percent said they belong to the middle-income bracket, while 72.8 percent of participants with temporary positions said they belong to the low-income bracket