This study examines the influence of household income on spending on education, savings, and insurance, using data from the 9th, 13th, and 16th Financial Panel Surveys in Korea, covering the years 2016, 2020, and 2024. Households were divided into three income groups: under 30 million won, between 30 and 60 million won, and over 60 million won. Ordinary Least Squares (OLS) with a robust method was applied to ensure reliable results. The findings show clear differences across income groups. Low-income households reduced their spending on education as income grew and showed only small increases in savings. Middle-income households raised both savings and insurance spending, especially after 2020. High-income households showed positive growth in all three areas, although savings and insurance spending fell in 2020 before rising again in 2024. These results suggest that income inequality is reflected in family investments in education, savings, and health, which may lead to wider gaps in opportunity and welfare over time. The study highlights the need for policy support for low-income households, such as higher interest rates for small savings or the provision of education vouchers. Overall, the findings indicate that income inequality creates unequal spending patterns that affect fairness and social cohesion.

Accepted Oral Presentation