20% of young Taiwanese workers have no savings
About 20% of employed Taiwanese under 40 say they do not have any savings, and over 30% cannot make ends meet, according to a survey by job bank yes123.
The report found that among workers aged 39 or younger, 37.8% merely break even each month. Meanwhile, 36.3% are in the red, up from 34.8% last year.
The percentage of those who live hand to mouth has risen four years in a row.
Worse, the average total savings of under 40s has dwindled from NT$170,000 in 2019 to NT$132,000 (US$4,585). Only 1.5% of people in this age group have more than NT$1 million in savings, the survey found.
With their expenses factored in, 30.3% of the respondents say they could not sustain their livelihood if they lost their job now. On average, those polled say they would be able to last 81 days if they lost their job.
Meanwhile, 65% of those 39 and younger are living in debt, including from student loans (47.1%), credit loans (39.6%), credit card bills (33%), car loans (20.8%), family debt (20%), a mortgage (17.9%), business failure (13.2%), and investment losses (10.5%). Read More…
