|
Debating Topic
<"Show Me the Money!">
The books which tell the strategies of becoming wealthy, such as "My Dream to be a Billionaire and Move into Tower Palace", have conquered a corner of the bookstore, and now making a fortune has become a major trend throughout the Korean society. In comparison to the past, people are becoming money-conscious at a younger age.
***The Wealth Syndrome Thrives at the University***
Today's college students' interest in wealth continues to grow. These days, material desire can be seen across many college campuses where money-related pheomena are getting common. Since the Fall semester in 2004, at Seoul Women's University, the course "An Introduction to the Rich" has been popular with students. Therefore, competition to register for this course has been extremely high. Also, at Seoul National University, a new club for students who aspires to be rich was created. The competition rate to join the club reached 10:1. In addition, similar clubs were organized at Sogang University and Sungkyunkwan University.
***Causes of the Wealth Syndrome***
Until now, most researches have found the motivations for this phenomenon to be our materialistic society and high unemployment. However, Lee kook-hyen, a professor in Korea University explained, "The major motivation is the economic crisis that ruined Korea's financial environment in 1997. Young people saw how their parents were distressed with their reduced income, and, therefore, realized the importance of money. Seven to eight years later, they became adults and their concerns about the weak economy and wish to avoid financial risk. Those things brought this trend."
****Era of Low Interest Rates to Last Longer***
In December, the average deposit rate stood at 3.41 percent per annum, down more than 0.5 percentage point from a year ago. The average lending rate also continued to fall since it stayed above 6 percent in December 2003. It posted 5.52 percent per annum in December 2004. In particular, with deposit rates tumbling to new lows month after month, the deposit interest rate, after adjusting for inflation and tax, has fallen below zero percent. Under the current environment, depositing money in banks means losses, a BOK economist said. ``Low interest rates are particularly problematic for pensioners and retirees who depend mostly on interest income.'' ___________________________________________________________________
Q) Some people say, "Money can make the life happy and the most powerful in reality." Do you agree?
|
|