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S. Korean families spend 1.28 mln won monthly for 2 kids

All News 14:53 July 17, 2016

SEOUL, July 17 (Yonhap) -- To raise two children in South Korea, it costs an average of 1.28 million won (US$1,128) a month, the results of a survey showed Sunday.

Education is the biggest financial burden, although the level of related expenditures vary considerably in accordance with income level, according to the Korea Institute for Health and Social Affairs.

It conducted a poll on 6,172 women, aged between 15 and 49, with two kids nationwide as of August last year.

South Korea's birthrate of 1.12, recorded in 2015, is one of the lowest among OECD countries.

Residents in large cities spent 1.38 million won each month on education, food, health care, clothing and miscellaneous expenses, while those who live in smaller cities or rural areas used 1.06 million won.

They spent an average of 657,000 won for education, with 224,000 won being used on public schooling and 433,000 won on private tutoring.

There was a difference of up to five times in education cost between high-income families and lower-income ones, the findings showed.

lcd@yna.co.kr
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