1 in 4 born in early 1970s financially supports parents and children: survey

Yonhap

Koreans born in the early 1970s bear a “triple burden,” juggling financial support for their parents and children while worrying about their own retirement, a survey revealed Thursday.

Among those born between 1970 and 1974, seven out of 10 financially support their children, and four out of 10 support their own parents or those of their spouses. One in four supports both generations, spending an average of 1.55 million won ($1,114) per month. They allocate 1.07 million won ($768) monthly to their children and 620,000 won ($446) to their parents.

These are findings from a survey of 1,500 people born between 1960 and 1974, conducted by Hankook Research and commissioned by the Care for Foundation, a nonprofit in Seoul.

In comparison, individuals born in the 1960s tend to have more financially independent children, the survey showed. Among this group, 43 percent provide financial support to their children, spending an average of 880,000 won monthly, while 44 percent support their parents, spending an average of 730,000 won. About 15 percent of respondents in this age group support both generations, spending an average of 1.64 million won monthly.

“While those born in the 1960s face less of a burden as their children become financially independent, those born in the 1970s are heavily strained by simultaneously supporting their parents and children while dealing with anxieties about their own futures,” said Kim Yong-ik, head of the Care for Foundation.

“This burden and anxiety negatively impact their perceptions of their health.”

Of the respondents born in the early 1970s, 57 percent said they “feel burdened” by the cost of supporting their children, and 48 percent reported feeling the same about supporting their parents. This compares to 46 percent and 33 percent, respectively, among those born in the 1960s.

Concerns about retirement also weighed more heavily on the younger cohort. Among respondents born in the 1970s, 80 percent are currently employed, but 56 percent expressed anxiety about how long they could continue working. By comparison, 70 percent of those born in the 1960s are employed, with 46 percent feeling anxious about their job security.

Only 40 percent of those born in the early 1970s reported good physical health, compared to 51 percent of those born in the 1960s. Similarly, 62 percent rated their mental health as good, compared to 75 percent of the older group.