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Cost of Raising a Child in Korea

 
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Real Reality



Joined: 10 Jan 2003
Location: Seoul

PostPosted: Tue Oct 16, 2007 4:34 am    Post subject: Cost of Raising a Child in Korea Reply with quote

Child-Rearing Costs Reach W230 Million
Quote:
It takes about 230 million won to bring up a child from the cradle to university graduation in Korea, a state-run think tank said Tuesday. It represents a 16.8 percent rise from 198 million won in 2003.

By Bae Ji-sook, Korea Times
http://www.koreatimes.co.kr/www/news/nation/2007/10/117_11983.html

Canada
Quote:
Based on estimates from the economics section of Manitoba Agriculture, the cost of raising a daughter to age 18 in 2004 was an average of $166,549. For boys, the figure was slightly higher � at $166,972 � due to extra costs for food.

http://www.ccsd.ca/factsheets/family

USA
Quote:
For 2004, the newest data available, the U.S. Department of Agriculture estimates that families making $70,200 a year or more will spend a whopping $269,520 to raise a child from birth through age 17. Higher-income families in urban areas in the West spend the most, $284,460. Though not as steep, the figures for lower-income families are just as unsettling: $184,320 for families earning $41,700 to $70,200 and $134,370 for families making less than that.

The Basics
Raising your quarter-million dollar baby
http://moneycentral.msn.com/content/CollegeandFamily/Raisekids/P37245.asp
Expenditures on Children by Families, 2006 [PDF]
http://www.fns.usda.gov/cnpp/Publications/CRC/crc2006.pdf

Cost of Raising Your Child
http://www.babycenter.com/cost-of-raising-child-calculator
College Cost Calculator
http://apps.collegeboard.com/fincalc/college_cost.jsp
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Ilsanman



Joined: 15 Aug 2003
Location: Bucheon, Korea

PostPosted: Tue Oct 16, 2007 5:59 am    Post subject: Reply with quote

Are they including costs for private academies and other totally unnecessary costs?

Also here, high school costs money. On top of the already paid tax. And school uniforms are a huge expense.
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Ilsanman



Joined: 15 Aug 2003
Location: Bucheon, Korea

PostPosted: Tue Oct 16, 2007 6:00 am    Post subject: Reply with quote

Are they including costs for private academies and other totally unnecessary costs?

Also here, high school costs money. On top of the already paid tax. And school uniforms are a huge expense.
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Unposter



Joined: 04 Jun 2006

PostPosted: Tue Oct 16, 2007 6:13 am    Post subject: Reply with quote

While I am a huge RR fan, I must point out the Korean sum was through university graduation and the Canada and the U.S. was to 18 and I believe 17 respectfully.

Still, it looks like the costs in Korea are almost identical to that of Canada and the U.S which does say a lot.

I guess all these threads and posts about Korea being expensive were pretty accurate.

Though, I would like to know what the breakdown of those expenses are. For example, how much do Koreans pay on health care and how much do they get compared to people in the U.S.?

How much do Korean pay and get in terms of education compared to the U.S. and Canada?

Do Koreans buy more "things" for thier children than those in the U.S. and Canada and therefore pay more or is it the same or reverse?
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Juregen



Joined: 30 May 2006

PostPosted: Tue Oct 16, 2007 6:15 am    Post subject: Reply with quote

What point is he trying to make?
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Unposter



Joined: 04 Jun 2006

PostPosted: Tue Oct 16, 2007 6:21 am    Post subject: Reply with quote

I can't speak for RR but I would guess that Korea is more expensive than people realize - or at least more expensive than Canada and the U.S.
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itaewonguy



Joined: 25 Mar 2003

PostPosted: Tue Oct 16, 2007 7:00 am    Post subject: Reply with quote

some of my students mum spend 1.5 - 2.0 a month! A MONTH!!
on his extracurricular activities! 2 grand!!!
and most of them are still thick as two bricks! hahahahaha
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KimchiExplosion



Joined: 01 Jul 2007
Location: Nowhere near Seoul

PostPosted: Tue Oct 16, 2007 7:58 pm    Post subject: Reply with quote

This is why dogs are infinetly superior to children.
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