Korean Job Discussion Forums

[Captain Corea]

Yeah, I really don't think that putting numbers up is all that bad of a thing. Both my wife and I work and we usually make a combined 10mil a month... But on that we have to help support her parents - but in turn they help us with child care.

We could obviously live on one income, but we have chosen certain goals and are working towards them. I find it hard to imagine buying a home here on a single income. I'm sure it can be done, but it'd be hard as heck.

[edwardcatflap]

Ok, since you insist. I make around 8-10million a month and my wife doesn't work. We own our apartment in central Seoul and I own 2 properties in the UK. Our kid goes to international school but it's paid for by her parents. I don't really think about how much I save each month but it's probably about half what I earn. does that help or interest any of you?

[Captain Corea]

It does for me a bit.... With both of us being parents and roughly in the same income group.

[Unposter]

Of course, traditionally, even ten or twenty years ago, Koreans were predominantly in single income households. From my point of view, the number of two income households is rising and the main reasons have already been mentioned by other posters: changing economics and increased female education.

The problem is that services related to childcare have not caught up with the needs of two income households. Many two income households spend substantially on childcare services which are generally insufficient, especially in the Seoul area or rely on extended family.

Many of my wife's freinds hire nannies which cost almost as much as their own income but they do it because they believe that their income will rise over time and that it is better to put money into a pension than not work.

But this dynamic between relatively low wages of women combined with the costs of childcare, including private education (at hakwons), is one of the reasons that Korea's birthrate is shockingly low.

Another point raised by another poster on this thread but not expanded on is that there are at least two different economies in Korea: Seoul's and the rest of Korea (which could probably also be broken down). I am willing to bet that the average and median salaries in Seoul are higher than the average and median salaries of Korea as a whole. Jobs located in and around Seoul require higher educations and generally pay more which in turn increases costs. So, one has to be careful about comparing the cost of living in and around Seoul with the national average. I would also expect that there would be a lot more double income families in and around Seoul than in the rest of the country.

Whether a single or double income family is right for you depends a lot on what are the dreams and aspirations of your spouse and the type of lifestyle you want. My wife works. She wouldn't want it any other way because she is well-educated and she enjoys and finds satisfaction in her job. In some ways, it increases our lifestyle and in other ways, it causes us to have higher expenses. It is not a simple either/or argument.