88% of the public says “Support should continue even after children become adults”… Monthly support for university students is at the level of 920,000 won.

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Economic Support for Adult Children Increases Significantly Over 10 Years

About 88% of the public believes that they should provide economic support to their children even after they become adults. In particular, the response of "support until employment" has increased by more than 10 percentage points over the past 10 years, and the average monthly support for college student children is nearing 920,000 KRW.

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According to the '2024 Family and Birth Survey' report by the Korea Institute for Health and Social Affairs (KIHASA), a survey conducted on 9,639 individuals regardless of whether they have children or their marital status revealed that 51% responded that they should support their children economically "until they graduate from college."

The next most common response was "until they find employment" at 28.7%, followed by "until they marry" (5.6%) and "for as long as necessary" (2.5%). This indicates that about 88% believe they should provide economic support to their adult children.

In contrast, only 12.1% answered that support should be provided "until high school."

Increasing Economic Burden on Parents: Average Monthly Support for College Students at 920,000 KRW

This survey is part of a demographic behavior in-depth survey conducted by KIHASA every three years. The percentage of those who said they should support their children "until they graduate from college" showed a declining trend, decreasing from 62.4% in 2015 to 59.2% in 2018, and to 51.5% in 2021.

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Conversely, the response of "until they find employment" consistently increased from about 17% in 2015 and 2018 to 24.2% in 2021 and 28.7% last year. This is analyzed as a result of young people taking longer to secure their first jobs, thereby extending the period during which parents have child-rearing responsibilities.

Indeed, among 1,164 respondents with college student children, 80.6% were providing economic support.

The average monthly support amount was 917,000 KRW, which is 80,000 KRW less than that for middle and high school students (997,000 KRW). However, it was more than 300,000 KRW higher than the support for infants (570,000 KRW) and over 150,000 KRW more than that for elementary school students (766,000 KRW).

Significant Increase in the Proportion of Adults in Their 30s Living with Parents: Need for Social Observation

The support cost for college student children primarily consisted of pocket money and transportation/communication expenses at 344,000 KRW, which accounted for the largest share.

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The educational expenses (university tuition) were 284,000 KRW, while private education costs were 37,000 KRW. Additionally, clothing expenses were 63,000 KRW, leisure and cultural activities expenses were 27,000 KRW, and other costs amounted to 147,000 KRW.

The proportion of adults aged 30 and over living with their parents has also significantly increased. In particular, the proportion of respondents aged 30-34 living with their parents rose from 15.2% in 2021 to 27% last year, and for those aged 35-39, it increased from 6.4% to 13.1%.

The report pointed out, "There is a need for close observation to ensure that situations do not arise that compel certain living arrangements and increase family burdens due to delays in adult children's entry and establishment in the labor market."

Image source: Korea Institute for Health and Social Affairs, materials for understanding the article / gettyimagesbank

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