DOUBLE SUPPORT BURDEN

[Anchor Lead]

A new survey shows that four out of ten middle-aged people are simultaneously giving financial support to both their parents and children. It was also found that the higher the income, the larger the burden of supporting their family.

[Pkg]

Here in Korea, middle-aged people face the reality of having to support their parents or children for a considerable time. This family support pattern was proven in a survey of 1,000 people aged between 45 and 65, The Korea Institute for Health and Social Affairs survey shows. 40 percent of respondents answered they are financially supporting both parents and children. Four out of ten are supporting both their children aged 25 years or older as well as their parents. Compared to other groups, more people in the high income bracket bear this double support burden. Among those earning three million won or less per month, 34 percent are shouldering the burden. However, the rate jumped to 56 percent among people making eight million won or more. By gender, 46 percent of middle-aged women are facing the double burden. That's four percentage points more than men. Middle-aged people give a monthly average of 1.15 million won to their parents or unmarried grownup children. It is over six times greater than the average amount they receive from their parents or children a month.

[Soundbite] KIM YOO-KYUNG(KOREA INSTITUTE FOR HEALTH AND SOCIAL AFFAIRS) : "Although they need to prepare for life after retirement, middle-aged people have to support both their parents and children. This makes up a large portion of their spending. Moreover, this generation has no employment security guarantee."

The institute concluded that policies are needed to buffer the middle-aged population from job insecurity and financial stress. One option would be raising the retirement age.