How Taiwan is losing its viability
Yahoo Taiwan surveyed 20,140 people on August 5-22, 2016, about their subjective views regarding their personal wealth. According to the survey, 49.5% say their income is merely sufficient for a decent life, 28.3% say they are middle class, 1.4% say they are wealthy, 18% say they are poor, and 2.8% say they are bankrupt.
The general accounting office of the Executive Yuan says that in 2015, the average annual income of workers between 30 and 34 years old is NT$591,000, and that of workers between 35 and 39 years old is NT$669,000. In 1997, the average annual income of workers between 30 and 34 years old was NT$602,400 and that of workers between 35 and 39 in 1997 was NT$669,600. The 2015 average annual incomes have “retrogressed” to the levels of 19 years ago, and the figures did not take inflation into consideration.
Among those between the ages of 18 and 29, 11.4% spend more than they earn, among those between 30 and 39 years old, 9.1% of them spend more than they earn, among those between 40 and 49 years old, 8.3% spend more than they earn, among those between 50 and 59 years old, 9.7% of them spend more than they earn, and among those 60 years old and older, 12.0% of them spend more than they earn.
Among unmarried white collar workers, 32.9% do not have plans to have children. Many prefer an unmarried life without children and without purchasing a home. Many of the young generation feel that they are poor and they feel that they are unable to create a future for themselves, and therefore, they seek only to live in the “now”.