An undated file photo of a wedding ceremony in Seoul (Yonhap)
SEOUL, Jan. 9 (Korea Bizwire) — Rampant inflation that has caused a spike in consumer prices is affecting the size of “congratulatory money on wedding,” cash gifts given at wedding ceremonies, causing frustration among young people, those who are fresh out of college of late.
As “paying 50,000 won (US$40.10) for just being present, or paying 100,000 won for participation and enjoying buffet” at a ceremony is becoming an emerging social norm at South Korean weddings culture, people in the early stages of their wage-earning career life are struggling financially.
Increasingly higher cost of living prompts many young people to seek to create their own “sustainable” personal finance budget. Kang Min-kyeong, a 30-year-old office worker, has recently set up her own rules when it comes to giving cash gifts at weddings.
She decided to apply different approaches to the money gift depending on social closeness: to pay 100,000 won at the weddings of work colleagues, 50,000 won when she doesn’t go to the ceremony, or 150,000 won at friends’ weddings, and 200,000 to 300,000 won when very close friends get married.
“It is financially quite burdensome, but it’s not like I can just avoid giving a gift,” she said.
Online communities that share information on livelihood also have numerous posts about how much to pay at weddings.
Some comments are calling for a new option between 50,000 won and 100,000 won, in order to minimize the financial burden.
Local matchmaking firm Duo conducted a survey of 300 single men and women in their 20s and 30s last year, in which most believed that 78,900 won was the most appropriate amount to give as a cash gift.
The primary standard for setting the size of cash gifts was how close the individual was to the marrying couple (83.3 percent), followed by their economic situation (9.3 percent), and how much others paid (4 percent).
“Even if someone paid the lowest amount of 50,000 won, it was still good to see them in person,” said a 30-year-old office worker surnamed Lee who got married in October last year.
“It’s not like cash gifts are mandatory. I don’t want cash gifts to become ‘tools’ to measure my relationship with others.”
H. M. Kang (hmkang@koreabizwire.com)
