One third of young workers live hand to mouth: poll

More than 30 percent of employees under 40 spend almost all their monthly salary and some find it difficult to make ends meet, a survey showed on Thursday.

Citing the survey, the yes123 job bank network said that 31.6 percent of workers under the age of 40 indicated they spend nearly all their monthly salary on living expenses.

The Directorate General of Budget, Accounting and Statistics, defines employees under 40 as being part of the "young working generation."

The job bank said that 53.2 percent of respondents listed food as a major expense, with 35.2 percent indicating leisure and entertainment.

According to the survey, 34.4 percent of those polled financially support family members, while 32.3 percent and 29.4 percent listed transport and rent as major financial outlays, respectively.

Of those workers who save some of their monthly income, average savings were NT$8,828 a month, accounting for about 23 percent of the average salary of NT$39,118 in Taiwan, the survey showed.

The job bank said that respondents complained about the rising cost of living and on average respondents indicated they needed a salary increase of 9.8 percent, or an additional NT$3,834 a month, to meet financial needs.

According to the survey, about 86 percent of respondents said monthly expenditure had increased an average of NT$4,227 over the past year.

Those who eat out regularly said that dining out accounted for about 10 percent of their salaries. As a result, 46.7 percent indicated they try to eat less and 28.7 percent said they take lunch boxes prepared at home to work, the survey showed.

Some 93.5 percent of the respondents in the survey said that they had a plan to save money in the fourth quarter by cutting NT$3,851 in expenses on average in the period, the survey indicated.

The job bank showed that 83 percent of respondents have tried investing, in an effort to increase income. About 54.2 percent of those who did so bought mutual funds, 52.5 percent securities, 43 percent insurances policies, while 41.3 percent and 27.5 opted for time deposits and foreign currency, respectively.

The poll indicated that 38.7 percent of those who made investments incurred losses.

The survey was conducted from Sept. 22 to Oct. 3 through online questionnaires sent to yes123 members under 40 with a minimum of one year work experience.

A total of 1,388 valid samples were collected and the margin of error was plus or minus 2.63 percentage points, with a confidence level of 95 percent.

Source: Focus Taiwan News Channel