40s and 50s Struggling with Child Education Expenses... Spending Over 1 Million Won Monthly

Married Households with Middle and High School Children in Their 40s Spend 1.03 Million KRW, 50s Spend 1.08 Million KRW on Education
Top 20% Income Married Households in Their 40s Spend 1.03 Million KRW Monthly Only on Education for Children in Elementary School or Younger

[Asia Economy Reporter Haeyoung Kwon] Married households in their 40s and 50s with middle and high school or college-aged children were found to spend over 1 million KRW per month on education expenses. Among married households in their 40s in the top 20% income bracket, even those with children in elementary school or younger spent 1.03 million KRW monthly on education.

According to the '2020 Ordinary People's Financial Life Report' released on the 2nd by Shinhan Bank, which conducted an email survey of 10,000 economically active individuals aged 20 to 64 nationwide (95% confidence level, margin of error ±0.98%p), the average monthly education expense for married households in their 40s with middle and high school children was 1.03 million KRW.

These households earned an average of 6.83 million KRW per month and spent 3.71 million KRW, with 27.7% of their consumption going toward education expenses. Following education expenses, food expenses (750,000 KRW) and housing costs (620,000 KRW) were the largest expenditures. Their average total assets were 740.54 million KRW, with debts amounting to 63.9 million KRW.

Married households in their 50s with middle and high school or college-aged children spent an average of 1.08 million KRW monthly on education. They earned 7.04 million KRW per month and consumed 4.09 million KRW, with education expenses accounting for the largest share at 26.4%. This was followed by food expenses (800,000 KRW) and housing costs (770,000 KRW). These households had average total assets of 764.26 million KRW and debts of 67.98 million KRW.

In cases with children in elementary school or younger, the top 20% income bracket among married households in their 40s spent over 1 million KRW monthly on education. They earned an average of 9.59 million KRW per month and spent 4.48 million KRW, with education expenses accounting for about 22.9% of their spending. The average education expense for married households with children in elementary school or younger was 520,000 KRW per month for those in their 20s and 30s, and 620,000 KRW per month for those in their 40s.

This content was produced with the assistance of AI translation services.