Raising a Child in South Korea Now Costs Over $800 Monthly – Report Reveals

 By: Manoah Kikekon 

Korea children [Photo credit: Project 2049]

The cost of raising a child in South Korea has surged, according to a recent survey by the country’s education ministry. The report, released on Tuesday, highlights the growing financial burden on families, with monthly expenses climbing significantly compared to previous years.  

In 2024, the average monthly cost of raising a child covering education, childcare, food, and clothing reached 1,116,000 won ($801), marking an increase of 140,000 won ($101) from 2021. Despite the rise in expenses, the proportion of childcare costs relative to household income slightly decreased from 19.3% in 2021 to 17.8% in 2024, suggesting that incomes may have grown at a faster pace.  

The findings were based on a comprehensive study involving 2,494 households and 3,058 daycare centers conducted between August and December 2023. Since 2004, the South Korean government has conducted this survey every three years to track childcare expenditure trends.  

Key insights from the report include:  Employment rates among parents remained high, with 97% of fathers and 64.2% of mothers in surveyed households working.  Daycare centers were the most common childcare option, used by 55.3% of families, while 26.5% relied on kindergartens.  Children spent an average of 7 hours and 31 minutes daily in daycare centers, slightly more than the 7 hours and 20 minutes spent in kindergartens.  

The rising cost of raising children adds to South Korea’s ongoing demographic challenges. The country already has one of the lowest birth rates globally, with many young couples delaying or avoiding parenthood due to financial pressures. Experts warn that without policy interventions—such as expanded childcare subsidies or parental leave benefits—the trend may further strain the nation’s aging population and workforce.  

As South Korea grapples with these economic and social hurdles, the latest data underscores the urgent need for solutions to support young families. Will the government step up with stronger family-friendly policies? Only time will tell.  

(Xinhua/NAN)