Driven by the rise in the stock market, South Korean household financial expenditure in the first quarter recorded the fastest growth in 24 years.

Data released by the Bank of Korea on Wednesday showed that boosted by the rise in the stock market, total expenditure on financial and insurance services by South Korean households in the first quarter of this year reached 251 trillion Korean won, an increase of 24.4 trillion won from the previous quarter, an increase of 10.8%, marking the largest quarter-on-quarter increase since the first quarter of 2002. The Bank of Korea stated that the increase in stock trading activity led to a rise in commission expenses, thereby driving a significant increase in total expenditure on financial and insurance services.