3 of 10 Employed Koreans in 20s and 30s Still Get Financial Support from Parents
It was revealed that three out of 10 Korean men and women in their 20s and 30s rely on their parents for financial support. These so-called “kangaroo families” refer to families where children rely on their parents for financial support even though they have jobs of their own.
According to the online employment portal Saramin on May 8, employed women and men in their 20s and 30s were asked whether they still get financial support from their parents, and 28.5 percent of them replied, “Yes.”
When asked why, 51.1 percent replied “Naturally because I still live with them,” 41.4 percent replied “Because of low wages,” 27.8 percent replied “To get financial stability quicker,” 24.2 percent replied “To be able to pay off loans,” and 14.1 percent replied “Because parents have the financial means.”
It was revealed that the amount that the children receive from their parents was about 320,000 won (approx. $290 USD). When asked what they use this money for, the majority replied, “Food and other living expenses” (44.9 percent), “Rent and other housing expenses” (33.3 percent). Others included, “Insurance” (12.1 percent), “Clothing and other self-maintenance expenses” (10.1 percent), “Culture and entertainment expenses” (8.1 percent), “Paying off loans and interest (7.6 percent), and “Savings” (7.1 percent).
When asked for how long they plan on getting help from their parents, the most popular response was “Until marriage” with 29.8 percent. The responses that followed include, “Until I move out” (26.3 percent), “Until I earn my goal salary” (12.6 percent), “For as long as my parents want to” (8.6 percent), and “Until I save up my goal amount” (6.1 percent).