South Korea broke their own record for the world's lowest fertility rate. After declining steadily from 4.53 in 1970, the first year the government started compiling the data, the total fertility rate began to sink more quickly in the 2000s during the financial crises, as education and housing costs rose.
The average South Korean woman during her reproductive years now has 0.78 children in her lifetime, dropping from the last record of 0.81 in the previous years. A 2020 survey showed that 52% of Koreans in their 20s do not want kids, even if they're married. Some experts say that women are also more focused on their careers than starting a family or having a kid.
Money is the big reason behind all of this. Everything there is expensive, especially for apartments and education. South Korea has one of the priciest housing markets in the world, because just like many other countries, they also experienced a rise in home prices recently. Report says that if you make an average salary in Korea, it would take you around 19 years to buy an apartment in Seoul.
In Korea, the educational system is very competitive. Parents have to pay for private lessons and tutoring, starting at an early age, so that their kids can get into the top schools and top universities. In addiction, A 2017 study showed that parents spend nearly 400.000 won every month per child just for private tutoring. For many people, this mean waiting longer until they feel more financially stable to have children is the best choice.
The government has spent tens of billions and launched programs to encourage people to have more babies, including giving every new mom around 1 million won as congratulatory allowance, but it's not working yet.
The country already has more deaths than births. At this rate, South Korea's population could be cut in half by the end of the century. Hopefully, the fertility or the birth rate in South Korea will rise again, because young people are the future for a country.
