August 31, 2015 08:14
Half of young graduates are either living with their parents or depend on them financially after leaving university or finding jobs.
The Korea Research Institute for Vocational Education and Training surveyed 17,376 people who graduated from university or vocational college in 2010 and 2011 and found that 51.1 percent of them either live with their parents or receive money from them.
Some 35.2 percent live with their parents but do not get an allowance from them, while 10. 5 percent live with them and get an allowance and 5.4 percent do not live with them but get an allowance.
"These young people are able to earn their own spending money, but are having a tough time covering their own rent so usually end up living with their parents until they get married or can afford their own house," a spokesman for the institute said.
This trend is mainly due to the tough job market. Oh Ho-young at the institute said, "It costs a lot of money to land a job, while most first jobs are temporary contracts that pay little, so young people have little choice but to depend on their parents financially for a long time."
The latest survey was conducted in September 2012, and the situation is probably worse now due to rising unemployment and the widening wage gap between regular and temp workers and between big and small businesses, Oh added.
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