Excess cash held by South Korean households and non-profit agencies rose from a year earlier in 2014 as their income growth surpassed their spending, central bank data showed Monday.

The value of excess funds reached 91.7 trillion won ($82.1billion) last year, up from 87.4 trillion won in the previous year, according to preliminary data by the Bank of Korea.

Excess funds refer to the volume of money that remains on balance sheets for households after deposits and stock investments.

The figure is calculated by subtracting the amount of funds raised during the period from the amount used on financial assets.

"Consumer spending growth was similar compared to the previous year. It seems that a rise in income growth played a bigger role," said Moon So-sang, who leads the BOK's Flow of Funds team.

In 2014, the amount of funds raised rose to 75.4 trillion won from a revised 65.1 trillion won a year earlier, reflecting a rise in demand for mortgage loans following two policy rate cuts, in August and October last year. The amount of funds used reached 167 trillion won, up from 152.4 trillion won the previous year.

Non-financial firms' fund shortages slightly expanded to a deficit of 33.2 trillion won from a 31.5 trillion won deficit in 2013 due to sluggish sales and an increase in facility investment, the central bank explained.

"While the increased deficit can be viewed in a negative light, it also carries a positive signal in that companies are expanding their facility investment amid concerns that weaker investments may hurt their growth potential going forward," said Moon. (Yonhap)