"Children would bring great joy, but the financial burden is heavier"... 93% of young Koreans worry about money after childbirth

The Financial News - Young people in South Korea expect to gain more joy from having children than their peers in major advanced economies, yet they also express the greatest concern about the financial burden.

According to a report titled "A Study on Overseas Population Policy Cases" by the Korea Institute for Health and Social Affairs (KIHASA) researcher Choi Kyung-deok, a 2024 survey of 2,500 adults aged 20 to 49 in South Korea, Germany, Sweden, Japan and France examined perceptions of marriage, childbirth and childrearing. The findings show that unmarried Koreans had the strongest intention to marry.
Among unmarried respondents, the intention to marry was highest in South Korea at 52.9%, followed by Sweden at 50.2%, Germany at 46.5%, France at 38.2% and Japan at 32.0%.
However, when all respondents were asked about their intention to have children, regardless of marital status, Sweden ranked first at 43.2%. It was followed by France at 38.8%, Germany at 38.6%, South Korea at 31.2% and Japan at 20.3%.
Among those who intended to have children, respondents in South Korea planned the smallest number of children, at 1.74 on average. Germany and Sweden recorded the highest figure at 2.35, followed by France at 2.11 and Japan at 1.96.

The share of respondents who agreed that having children would bring greater joy and satisfaction to their lives was highest in South Korea at 74.3%. The corresponding figures were 57.5% in Japan, 67.9% in France, 62.7% in Germany and 64.9% in Sweden.
At the same time, 92.7% of young Koreans agreed that having children would increase their financial burden. In Germany, 77.6% expressed such concern, compared with 75.5% in France, 73.2% in Japan and 65.2% in Sweden.
This suggests that while Korean respondents expect the greatest joy and satisfaction from having children, they also feel the strongest anxiety about the associated financial costs.
The research team noted, "The financial burden may be linked to South Korea’s low total fertility rate," adding, "If negative perceptions of childbirth are eased and practical institutional support is strengthened, there may be room for a positive change in the birthrate in the future."
newssu@fnnews.com Kim Su-yeon Reporter