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More Parents Would Cut Support for Kids After College

2016/06/05 Source

Only around half of Korean parents are willing to be financially responsible for their children after they graduate from university.

According to a report by the Korea Institute for Health and Social Affairs last week, fewer parents are willing to take care of their kids until they get married, while the proportion of parents who draw the line after their kids graduate rose to 49.6 percent as of 2012.

In 2003, 32.1 percent of parents said they are willing to be financially responsible for their children until they marry, but that fell to 20.4 percent in 2012. The proportion of parents only willing to take care of their kids until they finish high school rose from 8.3 percent in 2003 to 8.9 percent in 2012.

In a separate survey of 1,000 people between 20 and 64, KIHASA also found that only a small number of people feel parents should be responsible for the livelihood of their children until they find jobs or get married, and an even smaller number feel parents should buy first homes for newlywed kids and help out with their grandchildren in double-income families.

A KIHASA spokesman said, "A growing number of parents feel they should not have to support their children beyond university graduation, and this trend is expected to lead to significant changes in how Koreans raise their children".

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