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 [...]
SEOUL, May 9 (Korea Bizwire) – May 8 was Parents’ Day in Korea. Korean culture has deep roots in Confucianism, and amongst them is filial piety: respecting and honoring one’s parents. However, this long-practiced culture is slowly but surely fading away. According to KWDI (Korean Women’s Development Institute) statistics regarding children’s support of their parents, [...]
SEOUL, May 4 (Korea Bizwire) – The month of May in Korea is sometimes referred to as ‘family month’. With approaching holidays and commemoration days like Children’s Day (May 5) and Parent’s Day (May 8), the average worker is expected to spend an average of 360,000 won on gifts. A recent survey conducted by Hunet, [...]
SEOUL, Sept. 3 (Korea Bizwire) – A recent study conducted by the Ministry of Gender Equality and Family shows that when children get married, the parents of the groom spend about 80 million won, while the parents of the bride spend about 60 million won. Due to the high costs of preparing a wedding, most brides [...]