Mrs. Park recently suffered from depression. It started when her son got married.
Mr. Kim, the son of Mrs. Park, was trying to buy a house in Seoul which is 300 million won or $267,000.
Mrs. Park sold one of her houses which was 120 million won and gave that money to her son. After this, she moved to the countryside.
She believed that it would be better for him not to have any debts when he began to make his own family even though it meant that she had to make sacrifices in her own life.
However, she had hard time adjusting to life in the countryside, perhaps because she had lived in the city her whole life.
Although she has had a tough time, she doesn’t regret her decision. This is because she is sure that what she did was one of her duties to her son.
Financial support for their children’s wedding is one of the factors that causes parents to destabilize their financial situation after retiring.
This is because most parents in their 50s and 60s think that their children’s wedding is one of the parents’ main responsibilities.
According to the survey by JoongAng Daily of 300 parents in their 50s, 75.% of respondents answered that they would financially support their children’s wedding.
The number one reason why parents support their children’s wedding is that they believe that financial support is one of the duties of being a parent.
Even children think that it is hard to get married without the support of their parents. In fact, half of 273 people in their 20s to 30s said that they would accept support from their parents.
However, regarding the amount of money that should be given, both generations have different ideas.
For parents, 30.2 percent want to give less than 10 million won (30.2%), 25.4 percent want to give 10 to 30 million won and 18.8 percent want to give 30 to 50 million won.
However, 26.7 percent of children want to receive 10 to 30 million won (26.7%), 26.1 percent want to receive 50 million to 100 million won, and 18.2 percent want to receive more than 100 million won.
An expert warned of the dangers of parents giving too much money to their kids when they haven’t prepared for their own life after retiring. Their love or sacrifice for their children can affect their own life.
ⓒ Jeju Weekly 2009 (http://www.jejuweekly.com)
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