Grandparents step up in Korea as costs rise and families shrink
Grandparents' spending on grandchildren's entertainment, medical and education costs higher in 2023 than 2019
More grandparents in Korea are spending time and money on their grandchildren, as high inflation and a dwindling population make it tougher for parents to take care of their children on their own, data showed, Thursday.
Data compiled by Shinhan Card utilizing its advanced big data technology showed individuals aged 60 or older frequented kids' cafés, or indoor playgrounds for children, significantly more in the January-September period of 2023 compared to 2019, marking an increase of 80 percent.
Over the cited period, the corresponding seniors’ visits to children’s hospitals increased by 59 percent while their spending on learning materials for children surged a whopping 115 percent.
“Many seniors are classified as financially stable baby boomers who are increasingly becoming grandparents and are willing to share time and money for the benefit of their children,” Shinhan Card said.
It assessed these grandparents are open to supporting their married sons and daughters, many of whom belong to dual-income households unable to allocate time for childcare responsibilities during weekdays.
“The trend is likely to continue, as Korea rapidly turns into an aging society where there are more elderly people than children,” the credit card company said.
It also said that the escalating cost of living is driving greater reliance on grandparents for assistance in raising children.
In 2023, those aged 65 and older accounted for 18.4 percent of the country’s entire population.
The country is set to become a super-aged society in 2025, when the age group is forecast to form 20 percent of the population.
source: The Korea Times
More grandparents in Korea are spending time and money on their grandchildren, as high inflation and a dwindling population make it tougher for parents to take care of their children on their own, data showed, Thursday.
Data compiled by Shinhan Card utilizing its advanced big data technology showed individuals aged 60 or older frequented kids' cafés, or indoor playgrounds for children, significantly more in the January-September period of 2023 compared to 2019, marking an increase of 80 percent.
Over the cited period, the corresponding seniors’ visits to children’s hospitals increased by 59 percent while their spending on learning materials for children surged a whopping 115 percent.
“Many seniors are classified as financially stable baby boomers who are increasingly becoming grandparents and are willing to share time and money for the benefit of their children,” Shinhan Card said.
It assessed these grandparents are open to supporting their married sons and daughters, many of whom belong to dual-income households unable to allocate time for childcare responsibilities during weekdays.
“The trend is likely to continue, as Korea rapidly turns into an aging society where there are more elderly people than children,” the credit card company said.
It also said that the escalating cost of living is driving greater reliance on grandparents for assistance in raising children.
In 2023, those aged 65 and older accounted for 18.4 percent of the country’s entire population.
The country is set to become a super-aged society in 2025, when the age group is forecast to form 20 percent of the population.
source: The Korea Times