A Study of the Relationship Between Middle-Class Identification and Welfare Attitudes in Korean Society: The Role of Homeownership and Asset Accumulation

Abstract This study empirically analyzes how homeownership and wealth accumulation through homeownership affect perceptions of belonging to the middle class. The study also examines how this perception affects attitudes toward the expansion of public welfare spending. The study finds that individuals in Korean society do not perceive themselves as middle class based on homeownership alone, suggesting that asset size may play a crucial role in middle-class identification along with homeownership status. These findings suggest that the standard for middle-class status, a position that enjoys a stable standard of living, is becoming increasingly higher in Korean society. Furthermore, the results of a mediation effect model analysis reveal that those who perceive themselves as middle class are more likely to perceive themselves as well-prepared for potential risks in the future. Therefore, it can be inferred that they are more likely to have a negative attitude toward the expansion of public welfare spending.