Parents & Children

The most important asset about aging is that is "the economic independence of children."

[Money's retirement] Children Who Don't Want to Be Independent... Generation 50 to 60, there's no time to prepare for the old age

In the U.S., people call their children twixter, which means "the generation who are poor," because they cannot get a job even after graduating from college. In Canada, the term "boomerang kids" means "to get a job" and "kids in Britain" means "to lose a parent's retirement pension," meaning "kippers in Britain," and "mammone," meaning "to stick to the food my mom does." In Korea, young people in their 20s and 30s, who are not economically independent from their parents due to their failure to get a job even after graduation, are called the kangaroos and those in their 30s and 40s who do not have economic independence even if they are employed, and depend on their parents. The word comes from a mother kangaroo's pouch for taking care of it.

In the past, parents raised their children by supporting their children's education, marriage, and housing costs, while their children were supported by older parents again. However, now that the economy is in bad shape and has become a nuclear family, older parents are giving birth to older children. In a way, the most important thing is economic independence. Let's take a look at the new culture of stimulus and the risk of preparing for the old age.

50s-60s, they're becoming like the old Spiders.

According to the Hyundai Economic Research Institute, people in their 20s and 30s were "lack of jobs," "housing," "child rearing and education," and "lack of old age preparation" in their 40s and 50s. Also, the older they got, the more people said that "lack of old age" became an obstacle to happiness. It can be seen that people in their 40s applied to their children's education excessively, leading to a lack of preparation for their old age in their 50s and 60s.

The 50s and 60s of South Korea are becoming more like the old "yeoliang spider," which feeds their babies to their own flesh. A type of poisonous spider, Yeomnang spider, has a habit of feeding its young to its own flesh when it has nothing to eat. Although the current 50s and 60s have lost their income at the same time as they retire, their retirement assets continue to fall due to the burden on their parents-only children. According to a survey by the Korea Institute of Health and Social Affairs, parents who support adult children aged 25 and older spend an average of 737,000 won a month for adult children over the past year. 56.2 percent said they spend less than 500,000 won per month, while 17.3 percent said they spend more than 1 million won. He is still preparing for his old age because he is taking care of his parents and children.

Children's college costs over 300 million won per person.

According to the Ministry of Health and Welfare's survey on fertility, family health, and welfare (2012), each child spent an average of 389.6 million won (38,600 U.S. dollars) per year until graduation from college. This means that one million won a month is spent on child support. In other countries, the consumption trend of people in their 40s and 50s is reduced by income growth, but Korea spends more than 40s to 50s on education. The cost of education for children in their 40s and 50s will lead to a lack of preparation for aging after their 50s and 60s.

In addition, the cost of marriage is rising steeply. The average cost of marriage per newlyweds in 2015 was 274.2 million won, up 15 percent from 237.98 million won in 2014. Among them, housing costs 191.74 million won. 33.5 percent of the wedding expenses were borne by parents. One of the three newlyweds is that their parents pay more than 60 percent for their marriage. It is no exaggeration to say that people in their 50s and 60s are in the dilemma of "supporting their children."

It's not an end, a child's marriage, it's an economic independence.

According to a survey by the Ministry of Health and Welfare, 49.6 percent of parents said they should apply until they graduate from college and 20.4 percent said they are responsible for raising their children until marriage. 15.7 percent of the respondents said they should apply until they get a job. But this is not the end. 82.6 percent of couples in their 20s and 30s with young children prefer grandparents. However, the average monthly paycheck is only 554,000 won. In the end, even this is often spent on grandchildren again, making life unclear for the elderly in Korea to support their children for the rest of their lives.

It is a very difficult task in Korea, whether it is the care of one's children first or the preparation of one's old age first. Parents feel that their children's education costs will never be reduced even if they spend less money in the recession. Perhaps the best consideration and gift given to parents who are ready to retire or leave their children is to be financially independent or prepared. It is my earnest hope that the 20th and 30th generation of Koreans will not grow up to feed on the flesh of their old mothers like a goat.

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