May 13, 2022 | 2:14 pmSEOUL — In South Korea, fewer women are having children and those who do are in no rush. The sky-high costs of housing and education make financial security a must. Social mores also dictate the need to be married.
“It’s a big relief and it gives me peace of mind to know that I have healthy eggs frozen right here,” she said. That’s also despite enormous sums spent by South Korean authorities on subsidies and perks for families with children. The government budgeted 46.7 trillion won last year to fund policies aimed at tackling the country’s low birth rate.
Housing costs have also surged. An average apartment in Seoul, for instance, costs an estimated 19 years of South Korea’s median annual household income, up from 11 years in 2017. But even when finances are less of a consideration, being married is seen as a prerequisite to having children in South Korea. Just 2% of births in South Korea occur out of wedlock compared to an average of 41% for OECD countries.
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