Korean Job Discussion Forums

[ajosshi]

S. Koreans struggle with sky-high wedding costs

SEOUL--The Beatles may have sung �all you need is love,� but in South Korea a couple wanting to get married also needs cash, a lot of it � nearly US$200,000, or more than four times the average annual income. The sky-high costs stem from a combination of cultural traditions that mandate expensive pre-wedding gifts between families, such as mink coats and diamond rings, along with a decades-old custom that the groom must fork over money to provide a home.

The average cost for a wedding in 2011 rose about 270 percent from 1999, while the inflation during the same period rose 45.5 percent. Total costs far outstripped the average annual household income at around 48.3 million Korean won (US$42,400), according to government data.

Thus, young couples seeking to unite in wedded bliss are forced to borrow from parents or take out loans. With candid discussions of money a cultural taboo in Korea, many are reluctant to speak about the high cost of exchanging vows.

�Korean society is very tightly knit, and people here are very concerned about how others view them,� said Harris H. Kim, assistant professor of sociology at Ewha Womans University.

�The wedding works as a status symbol, like a marker of where you stand in the society,� he added.

One 27-year-old woman working in the financial industry, who like many others asked to remain anonymous, said her parents paid nearly 90 percent of her 140 million won (US$122,900) wedding costs.

�We had to use our parents' money, which probably came from the sacrifice of their own retirement savings,� she said.

A 30-year-old kindergarten teacher who would only give her surname, Kim, said her husband, whose income is 40 million won, took out a loan for 45 million won in addition to financial aid from their parents for a wedding with 600 guests. The couple didn't know half the people, who were their parents' friends.

Gift-giving also takes a hefty chunk of the cash. Traditionally, the bride and groom's families have exchanged gifts � good silk for new clothes and simple jewelry � as a way of thanking the other family. But these days the silk has turned into fur or luxury handbags, while the jewelry has morphed into a full set of gems.

But the biggest part of the wedding budget comes from soaring housing prices, according to data from couple.net, a matchmaking company. The money spent by happy couples for housing last year was 2.5 times higher than in 2000, making up nearly 70 percent of the total cost of a wedding.

�I've had many customers in the last five years who directly asked for a spouse who can at least afford to rent a house,� said Sungmi Lee, a manager at couple.net.

http://www.chinapost.com.tw/life/offbeat/2012/04/29/339400/S-Koreans.htm

[northway]

That kindergarten teacher is making some serious coin for that position.

[ajosshi]

[motiontodismiss]

The girl that spent $122k on her wedding shouldn't be working in the financial services industry, if her salary is less than $250k and didn't pay cash. What the hell is she thinking????!?!?!?!

I don't care if it's your parents' money, unless you're a pseudo-chaebol, you shouldn't be spending that much money on a wedding.

[northway]

[ajosshi]

[edwardcatflap]

It's a daft article because it talks about the cost of getting married then includes the cost of a home in the total. They are two separate things. Some people get married and stay living with their parents, I dare say there are some people who get married who already have a home. They also don't mention the fact that whoever pays for the wedding can recuperate most of the money they spend on the wedding ceremony from the guests' money envelopes. The only real point they're making is about the foolish custom of over spending on pointless jewels and rip off bags.

[byrddogs]

This was a huge reason that I never married my gf in Korea. Her family was quite wealthy (mine does fine). I can't imagine what they would have expected. I'm happily married in China now. We didn't have a wedding (just went to the marriage office). Her father had a wedding party where all of the guests attending gave him money. Her brother and sister gave us money (nominal compared to that bs above). I like this system better, lol.

[northway]

[madoka]

[ajosshi]

[wylies99]

What about paying for fake guests?
http://www.koreatimes.co.kr/www/news/nation/2009/10/117_22416.html

[Kimchifart]

'With candid discussions of money a cultural taboo in Korea, many are reluctant to speak about the high cost of exchanging vows. '

I've had staff members tell me to the won how much I should be giving another member of the faculty for events. I've found they can be extremely frank and candid when asking money for these types of social events.

[wylies99]

[fosterman]

people just don't know what they want, most people are just confused and go through life confused on what really it is they want.