367 replied, saying they had spent 125 million won (US$107,500) on average for their children’s weddings. (image: Pexels)
SEOUL, May 12 (Korea Bizwire) – South Korean parents have spent more than half of their retirement savings in the past five years to foot the bill for the cost of their children’s weddings, a private think tank said Thursday.
Samsung Life Retirement Research Center recently conducted a survey on 868 parents to find how much they spent on the weddings of their children in the past five years. Of them, 367 replied, saying they had spent 125 million won (US$107,500) on average for their children’s weddings, according to the report titled, “Children’s Wedding, Parents’ Life After Work.”
The respondents had an average of 2 married children and their spending on their kids’ wedding accounted for 55 percent of their retirement savings for life after work, the report said.
Their financial assistance for their sons reached an average of 94 million won, much higher than the 42 million won for their daughters, it said.
“Nine out of 10 responding parents canceled their savings products to financially help their children start a family. They expected some financial difficulties in their life after retirement due to the heavy spending,” it said.
As the average life expectancy rises, parents in their 50s and 60s who still have unmarried children need to give serious consideration to how much they plan on spending on their children’s weddings, warned Yoon Sung-eun, who wrote the report.
(Yonhap)
