Public Opinion Briefing Vol. 45-3: The Double Burden of Economic and Family Crises

Public Opinion Briefing Vol. 45: Economy and Family

Theme 1: Family Satisfaction at 71.1 Points

Theme 2: The Double Burden of Economic and Family Crises

Theme 3: 37.1% Feel Family is Not a Reliable Source of Support

Theme 4: Vulnerable Groups Show Higher Rates of Depression and Suicidal Ideation

Theme 2: Vulnerable Social Groups, Economic and Family Crises



• The 'Three Economic Hardships' (income reduction/job loss/debt) > Children's Education > 'Mental and Physical Health of Family Members'

• Individuals in their 20s and 50+ cite household economy as their biggest concern, while those in their 30s and 40s cite children's education.

• Lower income levels correlate with greater concern for household economy and family health, while higher income levels correlate with greater concern for children's education.



Due to the economic crisis, 'economic problems' were cited most frequently by the Korean public as the biggest concern within the household. Concerns related to the household economy included income or asset reduction, unemployment or early retirement, and debt or credit delinquency, accounting for 37.4% of responses. 'Children's education issues' were also cited at a high rate of 20.3%. Following these, 'health of family members,' including depression or mental illness, was cited by 15.1%, and 'retirement planning' by 10.7%. Conversely, 'family discord' was cited by only 1.3%, the lowest percentage among the options. 0.1% were unsure or did not respond. The response 'no particular concerns' accounted for 11.5%.

[Figure 1] Biggest Concerns within the Household (Unit: %)

Among the various concerns threatening household life, the most direct factors diminishing satisfaction with one's own household life were, in order, 'family discord,' 'economic hardship,' and 'retirement issues.' Specifically, respondents who cited family discord as their biggest concern had the lowest household life satisfaction score of 57.2 points. However, only 1.2% of respondents cited family discord as their household's most significant problem, indicating it is not a major variable. In contrast, respondents who cited unstable household finances and retirement planning issues, which are deeply connected to the economy, constituted nearly half of all respondents (economic hardship - 37.4%, retirement issues - 10.7%). The average household life satisfaction score for those citing unstable household finances was 66.4 points. For respondents concerned about retirement planning, the average family satisfaction score was 66.6 points. On the other hand, those who identified children's education issues as their household's biggest problem reported an average satisfaction score of 76.1 points, and those citing the physical and mental health of family members reported 73.6 points, both above the average satisfaction score. Although respondents citing children's education issues as the most significant concern reached 20.3% of the total, their impact on household life was not as significant as economic or retirement issues. Those who reported having no particular concerns showed the highest family satisfaction at 81.2 points.

[Figure 2] Household Life Satisfaction by Household Concern (Unit: Points)

Comparing the factors threatening household life by social stratum reveals that economic instability factors such as income reduction, job loss, and debt are common across all strata and social groups. This characteristic is expected to persist until the economic crisis phase is resolved. However, unique characteristics were also found based on income level, education level, and generation.



By income level, the lower the income, the higher the proportion of respondents citing household economic hardship and family health concerns. Conversely, higher income levels were associated with a greater proportion of concerns regarding children's education and retirement planning, in addition to household economic issues. For households with a monthly income below 1 million KRW and in the 1 million KRW range, respondents citing household economic instability accounted for 47.3% and 48.3%, respectively, nearly half. Concerns about family health followed. This was 26.4% for the below 1 million KRW income bracket and 14.8% for the 1 million KRW bracket. Meanwhile, for the middle-income brackets of 2 million KRW and 3 million KRW, children's education issues and retirement planning emerged as significant concerns. In the 2 million KRW bracket, household economic issues were cited by the most respondents at 36.1%, followed by children's education issues at 19.3% and retirement planning at 13.9%. In the 3 million KRW bracket, 37.7% cited children's education issues as the biggest concern, followed by household economic instability at 29.8% and retirement planning at 11.4%. Among the upper-income bracket of 4 million KRW or more, household economic instability was cited by 30.0%, the highest proportion, followed by children's education issues at 25.7% and family health at 15.7%.

[Figure 3] Major Household Concerns by Monthly Household Income Level (Unit: %)

By generation, respondents aged 19-29 cited household economic issues most frequently at 46.3%. This appears to be a result of exposure to risks such as youth unemployment and wage cuts. However, 20.7% reported having no particular concerns, indicating a considerable number of individuals with lighter burdens regarding family issues. For those in their 30s, household economy was also the most cited concern (38.6%), though at a relatively lower rate than for those aged 19-29. However, children's education issues emerged as a significant concern at 30.7%. For those in their 40s, children's education issues (36.1%) and unstable household finances (35.5%) were nearly equal, with the former slightly ahead. Retirement planning issues (10.4%) emerged as a significant household threat for those in their 40s, a characteristic distinct from those in their 20s and 30s. For those aged 50 and above, health issues replaced children's education issues, with concerns listed in the order of unstable household finances (32.6%), family health (21.0%), and retirement planning (19.6%).

[Figure 4] Major Household Concerns by Age Group (Unit: %)

Marital status and household status also serve as important variables. For unmarried individuals, household economy was cited as the biggest concern by 46.8%. The response rate for 'no particular concerns' followed at 18.5%. For married individuals, household economy and children's education issues were frequently cited, with response rates of 33.5% and 26.7%, respectively. These results are similar to generational characteristics, as the 20s form the core of unmarried respondents, while married households encompass those in their 30s to 50s and above. However, for divorced or widowed single-parent households, the nature of concerns differed. While household economy was cited as the biggest concern by 43.8%, retirement planning was also cited by a significant 34.4%. This result reflects the economic and psychological burden associated with aging without a spouse.