"I never thought I'd have a problem with wedding expenses at this age. I always thought my boyfriend would be able to afford it. I date him because I have faith in his bright future. However. reality is different from my thoughts. It costs a lot of money to have a wedding. WE can't afford it right now." Miss Kim, who is ambivalent about getting married to her boyfriend, unburdens her troubles. She is now 32 years old. The couple has had a romantic relationship for a long time. Both of them want to marry, but they can't until now even they reach a marriageable age. So, what's the problem?

 

Financial Difficulties in '2030 generation'
    The "2030 generation" is a term used to signify young people in their 20s and 30s. They are combination of 'Generation X,' 'World Cup generation', 'G generation' and they comprise a large population in South Korea. Also, they are not majority of the labor population. They perform very important roles in our society. However, 2030 generations are faced with serious financial difficulties. What are the problems?
    Most of them work part time jobs to earn tuition for school. Without money, they have to take out student loans from the bank. Large amount of loans burden them with continuous re-payment after they secure employment. In this serious economic down turn, many in the young generations, arc giving up three important things. We call them thc "Sam-Po (3 things give up) Generation." The three things are dating, marriage, and childbirth. As a result, the number of unmarried persons in South Korea keeps increasing.
    Moreover, there are many problems in addition to being "Honeymoon Poor." There are also house poor, edu poor, and silver poor. Many young people are having difficulty in living their lives because of financial problems. Considering 2030 generation is the main force of our society, it is the nationwide issue. We reorganize the importance of the 2030 generation; the problem is that there is a lack of research on them. 

Growth of Honeymoon Poor
    Many newly married couples have a difficulty in dealing with costs needed marry. We call them "Honeymoon Poor." Do you know about it?
    At this moment, a lor of people are getting married. They plot their paths with many people's blessing. However, it is ironic that many newly married couples start life with large debt. Actually, in South Korea, most young couples borrow money for marriage. When they marry, they have to buy homes, furnishings, and they also rent marriage halls. Aside from this, they need a lot of money to have weddings. As a result, they start marital life with mountains of debt. As these poor newly-wed couples increase, the them "Honeymoon Poor" has been coined. It is a word that refers to the status of young couples who are burdened with huge amount of marriage debt. The problem is that the number of honeymoon poor keeps increasing.

Present Condition of Honeymoon Poor

 
    How much is it going to cost to marry? According to a survey by the Ministry of Gender Equality and Family, in 2010, on average, it costed about 80 million won for man and 30 million won for woman . Also, it cost about 60 million won for man and 5 hundred won for woman to buy a marital home. The gap of money shows a social common notion that usually men buy a house when a couple gets married. Considering average earnings of 2030 generation is about 30 million won to 50 million won, we can say that debt can be incurred for marriage. The main reason of the debt was house. In addition, averagely, it costs about 2 hundred 60 million won for the rearing of a child. Like this, in the bad economic condition like inflation of prices and sudden rise of key money, it looks hard to manage a household comfortably for newlyweds.

"Once a poor, always a poor" - A Vicious Circle of Poor
    Then, why do these problems happen? Experts claim that this is not only individual problem but also society structural problem. Professor Jang Duk-jin in Seoul National University said "Actually, people who are burdened with a heavy debt have to pay back through an employment. But it's hard to get a job in South Korea because of the worst job market. Even they can get a job, the environment is bad and there are so many irregular workers. So it's hard for them to pat off debts completely. In this situation, they can't move on to next step in their life and it creates a vicious circle. If we neglect this problem, people of South Korea's average life cycle would be unhappy." Nevertheless, rental deposits and price have skyrocketed and it is creates honeymoon poor continuously. It seems that there if no policy at all for honeymoon poor.
    Another problem is that we face a situation in which the rich get richer and the poor get poorer.
    Once they became poor, it is hard to emerge from poverty and they are caught in a vicious circlc.
    Actually most of honeymoon poor newly-married couples have many other problems like house poor, edu poor and so on. It is important to notice changed that these problems would increase continuously unless the whole structural of society is changed. Most of honeymoon poor who can't arrange cost off retirement become silver poor. It would be make another social problem. This is a serious issue. It is ironic that an individual problem becomes a social problem and it becomes an individual problem again bothering one's life constantly.
    As seen above, the root causes for the "Honeymoon Poor" are high real estate values, inflation, increased college tuition, and lack of job. Moreover, these problems don't send signal that will become better soon. In this situation, we must prepare ourselves for increasing marital money issues.

Individual Wedding Plan Needed
    The Chungdae Post asked students several questions. Almost 90% of the students interviewed unprepared as only 8% have started a marriage fund. In addition, it is very limited that 84% of students rely on saving moneys. Although data from poll indicate that we have few solutions, for avoiding honeymoon poor, at least a little we should map out a strict wedding plan. Kim Rapael, CEO of Ottimowedding, said, "Weddings are the most important moments in life, therefore, people are greatly affected by anticipation. Wedding enterprises develop high-priced marketing strategies as a way of taking advantage of families' expectations, Thus, couples who plan to marry should visit various wedding enterprises and analyze wedding costs."
    But, saving money, Planning out wedding, and buying less luxury are not fundamental solutions. These personal decisions are just a drop in the bucket compared to the inflation of the past few decades. Individuals can't correct inflation rates, set real estate prices, Pay for college tuition, or find jobs. Therefore, a fundamental approach at government level is urgently needed.

Do You think money is an issue in marriage?

 

Are you starting marriage fund at this time?

 

Do you have plans to marry?

 

Do you think that marrying money issues are going to happen?

 

Approach at government level
    Last May 10th, the government announced its 5.10 Real Estate Policy. The main focus of the policy was to activate the depressed real estate market. Most policies were focused on deregulation and designed to raise the price of Property. Rising property prices may be a good sign for the owners of property, but price increases are unfavorable for newlyweds who plan on buying new homes. Even so, the government cannot compulsively drop the price of property, for the European economy crisis affects our state of economy. If the price of real estate falls more, the entire Korean economy will fall. So, maintaining as appropriate price is best option for government.
    Also, reducing mortgage rates are needed. Due to high current mortgage rates, the Honeymoon poor

 
have difficulties in buying starter homes, in order to buy a starter home, newlyweds resort to mortgages. But, most newlyweds don't have the ability to repay the debt; as a result newlyweds become house poor. In addition to reducing mortgage rates, government public housing has to be utilized. According to a real estate housing has to be utilized. According to a real estate expert, professor Park Tae Won at Kwangwoon University, if the government subsidizes 10% of house total amount, housing expenditures will decrease and income will be accumulated.
    The Second problem is college tuition. Although increasing housing costs affect the honeymoones, student loans for high college tuition is yet another burden newlyweds must face. Since last year, the pledge to reduce college tuition by half saved perspective to the crisis of skyrocketing college tuition. Following nation-wide resistance, many colleges sent signals of bringing down fees. But, it was an insincere gesture that led to decrease of 2-5%. It was tiny compared to students' aspirations of breaking the financial burden. And now, college tuition problems are definitely perceived as unresolved issues for Lee Myuna-Bak's administration. This issue will make the most tremendous impact on 2012 presidential election. So, Presidential candidates must propose a plan for a college tuition policy that reduces financial burden on the college generation.

Wake up! "The honeymoon Poor" is not somebody else's problem.
    The Honeymoon Poor already is already an object of public concern. According to a KBS opinion poll, percentage of debt in relation to make a new living expense is 40%, 80% alone is housing costs. In 2010, the Ministry of Gender Equality and Family, announced that the total average marriage cost is 80,780.000 won for males, and 29,360,000 won for females. As these figures are related to housing costs, 64,650,000 won for males, and 5,120,000 won for females. They are forced to borrow money to buy houses. Considering college graduates' average annual salaries are 28,810,000 won, this generation's money matters are not any fault of their own, but due to incorrect social structure. Unless this problem is resolved, over-inflated house prices and jobs will increase, and young people's future will be gloomy.

 

By  Shin Ji-hye CP Reporter  
oaxpr4974@cnu.ac.kr
By Park Jeong-Yeon  CP Cub Reporter
pjy2616@cnu.ac.kr

저작권자 © 충대신문 무단전재 및 재배포 금지