The respondents cited a lack of stable income due to employment challenges as the primary reason for this prolonged dependence, often referred to as the “kangaroo tribe” phenomenon. (Image: Pixabay/CCL)
SEOUL, Apr. 15 (Korea Bizwire) — A striking 8 out of 10 South Koreans in their 20s and 30s have yet to achieve financial independence from their parents, according to a recent survey by the job platform Jinhaksa Catch.
The respondents cited a lack of stable income due to employment challenges as the primary reason for this prolonged dependence, often referred to as the “kangaroo tribe” phenomenon.
The survey of 1,903 respondents aged 20 to 39 revealed that 77 percent admitted to still relying on their parents economically.
Specifically, 43 percent said they live in a home owned by their parents, while 41 percent receive financial support such as monthly allowances or rent payments. Another 7 percent both cohabit with parents and receive monetary assistance.
The absence of a stable income topped the list of reasons for failing to gain independence at 56 percent, followed by the burden of living costs at 17 percent, lacking the perceived need for independence at 13 percent, parents’ financial comfort at 7 percent, saving at 3 percent, and psychological comfort at 3 percent.
Despite their ongoing dependence, 87 percent of those still relying on parents expressed plans to eventually become financially independent.
Over half, at 53 percent, anticipated achieving this after finding employment, while 28 percent aimed for 1 to 3 years post-employment, and 13 percent within 3 to 5 years of securing a job.
However, 13 percent had no plans to become independent, and 6 percent intended to postpone independence until marriage.
The primary income source for the surveyed respondents was parental allowances at 51 percent, followed by part-time jobs at 23 percent, personal savings at 10 percent, contract or freelance work at 5.7 percent, full-time employment at 5.6 percent, scholarships at 5 percent, side gigs at 2 percent, and other sources like unemployment benefits at 1 percent.
This phenomenon is not unique to South Korea. The global economic downturn coupled with high inflation have led to an increasing number of young adults struggling to achieve financial autonomy.
In the United States, the kangaroo tribe is also on the rise. The Pew Research Center reported that 59 percent of American parents with adult children aged 18 to 34 provide economic support to their offspring.
A staggering 84 percent of those under 24 and 56 percent aged 25 to 29 have yet to attain financial independence, and even some 30- to 34-year-olds with economic means receive parental support.
Additionally, 57 percent of those under 25 and around 30 percent under 35 reside with their parents.
China, grappling with severe employment challenges, has witnessed a substantial increase in its own version of the kangaroo tribe, termed “full-time children” – referring to young adults who forgo employment to perform household duties while receiving allowances from their parents.
According to The Wall Street Journal, this population has swelled to a remarkable 16 million individuals, accounting for 10.6 percent of China’s total 150 million residents aged 16 to 25.
M. H. Lee (mhlee@koreabizwire.com)
