The survey also revealed a correlation between household income and anticipated child-rearing costs; higher-income families expected higher expenses. Homeownership was another factor, with homeowners predicting greater child-rearing costs than non-homeowners. (image: KobizMedia/ Korea Bizwire)
SEOUL, Mar. 4 (Korea Bizwire) –A recent study by the Korea Institute for Health and Social Affairs has highlighted the financial concerns of childless newlyweds contemplating parenthood, with anticipated monthly child-rearing expenses exceeding 1.4 million won per child.
This survey, conducted from May 30 to June 8, 2023, involved 300 households (150 men and 150 women) within five years of marriage, aiming to gather insights for potential improvements in child allowance policies and other financial support measures.
The majority of respondents estimated the monthly cost of raising a child to be between 1 million and less than 1.5 million won, accounting for 37% of the total responses. This was followed by 29% anticipating costs of over 2 million won and 18.7% expecting expenses between 1.5 million and less than 2 million won.
Only 15.3% believed the costs would be under 1 million won, bringing the average expected monthly child-rearing expense to 1.41 million won.
The survey also revealed a correlation between household income and anticipated child-rearing costs; higher-income families expected higher expenses. Homeownership was another factor, with homeowners predicting greater child-rearing costs than non-homeowners.
A staggering 93.7% of respondents felt that child-rearing expenses would pose a significant financial burden, with 58.7% predicting a moderate burden and 35% anticipating a severe impact. Only a small fraction believed the costs would be manageable or negligible.
Regarding future childbearing plans, 33.3% intended to have one child, 24.7% planned for two, and only 2.7% considered having three children. About 1.7% had no plans for children, and 37.7% were undecided, resulting in an average planned number of children at 1.45 among those who had made a decision.
The survey also noted that younger wives tended to desire more children, with over half of the women aged 35 and above still undecided about their childbearing plans. The research team suggested that higher maternal age might negatively impact the desire or ability to have children, whether voluntarily or involuntarily.
Participants acknowledged the child allowance’s slight positive effect on alleviating child-rearing costs and promoting healthy child development. However, they did not believe it significantly influenced the timing of childbirth decisions.
Ashley Song (ashley@koreabizwire.com)
