Majority of Taiwanese in their thirties owe big debts: survey
Jul 12, 2018Business & FinanceComments Off on Majority of Taiwanese in their thirties owe big debts: survey
Taipei, More than 30 percent of Taiwanese in their thirties don't have steady jobs while the majority of people in that age group are heavy in debt, according to a poll released Thursday by the 1111 Job Bank.
The poll conducted between June 26 and July 10 among 1,146 people between the ages of 18 to 39 found 32.72 percent of Taiwanese in their thirties don't have steady jobs, including 24.6 percent who are unemployed and 8.12 percent who are freelancing. The survey also showed that their first monthly salary is only NT$25,930 (US$849.92) on average.
According to the poll, nearly 53 percent of Taiwanese in their thirties are heavy in debt. They need to pay NT$12,150 (US$398.25) per month in debt on average. In other words, 41.76 percent of their salary is used for the payment of debts.
Ho Chi-sheng (???), vice president of the job bank, said unemployment, low pay and working poverty have been the bane among the 30 somethings.
According to a 2017 survey conducted by the Directorate-General of Budget, Accounting and Statistics (DGBAS), Taiwanese in their thirties contributed the highest percentage of jobless people among all working age groups in Taiwan, while nearly half of those polled earn less than NT$30,000 (US$983.28).
Meanwhile, nearly 40 percent of those aged 39 and below polled in the survey even made less than NT$30,000.
While people normally see their career takeoff at some point in their thirties, results of the survey have shown otherwise, to say the least, Ho said.
In such difficult times, the job bank executive advised young people in Taiwan to at least hold on to their jobs while acquiring new skills, rather than sit around and do nothing.
This may be their only way to get out of poverty because no money means no hope, he added.