[World Now] “Korea ranks first in the country with the highest child support burden”

A view of an elementary school classroom in Korea (not directly related to the article) [사진 제공:연합뉴스]

An analysis came out that Korea and China are the countries with the highest burden of child support in the world.

The US CNN broadcast reported this on the 9th local time based on the results of analysis by Jefferys Financial Group, an American investment bank, using data from the Yuwa Population Research Center in Beijing.

According to this, the country with the highest share of GDP per capita was the cost of having a child and raising a child until the age of 18.

China came in second, followed by Italy.

In Korea, the cost of raising a child until the age of 18 was 7.79 times the GDP per capita in 2013.

Korea’s total fertility rate (the number of children a woman is expected to have in her lifetime) is 0.84 as of 2020, the lowest in the world.

[World Now]

Chinese elementary school students (not directly related to the article) [사진 제공:연합뉴스]

The average cost of raising a child until the age of 18 in China is 485,000 yuan, or about 94.1 million Korean won.

This is about 6.9 times the GDP per capita in 2019.

In Japan and the United States, the child support ratio as a percentage of GDP was 4.26 times (as of 2010) and 4.11 times (as of 2015), respectively.

Although China’s share of child support in average disposable income was larger than any other country, it was ranked as the country with the lowest child support expenses in absolute terms.

Jefferys Financial Group cited education expenses, childcare expenses, and the possibility of childcare use as factors as the reasons for the high burden of childcare costs in Korea and China.

In China, for example, it costs about $75,000 to raise up to 18, and an extra $22,000 to graduate from college.

Although the cost of college education is lower than that of the United States, which is famous for its high tuition, Jefferies’ analysis is that the burden is passed on to students through student loans in the West, such as the United States, but in China, parents bear the burden.

He also introduced that the Chinese government is taking policies to increase access to after-school learning, reduce the burden of kindergarten costs, and expand daycare centers to reduce the burden of child support.