• Journal of Families and Better Life
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• v.29 no.4
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• pp.205-216
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• 2011

Unequal distribution of shares among children during intergenerational transference of assets has been prevalent in Korea. This study intends to examine whether parental contribution, in the form of a cash gift, is differentiated between the bride's side and the bridegroom's side at marriage and by age group. This pattern may also change according to the generation. Questionnaires were equally distributed to members of three previously delineated age groups: 20' s-30' s, 40's -50's, and 60's and above who are married or have been married at least once and reside in Seoul or Gyeonggi province. A total of 700 questionnaires were analyzed using SPSS and the data were sorted by age group. The results indicate an apparent difference between the husband's side and the wife's side in providing funding for housing at marriage in that a large portion of the funding is provided by the husband's side. Among various funding sources, a cash gift from the couple's parents appears to fund the largest portion of the total cost for housing and marriage. Results show that a cash gift from the couple's parents funds a larger portion of housing expenses for younger generations, a phenomenon that becomes more severe and apparent the younger the couple is.

• KDI Journal of Economic Policy
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• v.32 no.1
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• pp.27-49
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• 2010

This paper provides insight into some important features of the intergenerational resource allocation in Korea, before and after the financial crisis in 1997-98. Data sets of three periods before and after the financial crisis (1996, 2000, and 2005) were used to compare the results. This research particularly addresses two related issues: i) the generational effects of economic crisis, and ii) the capacity of age reallocation systems to spread economic risks across generations. The results show tremendous consumption smoothing and resource reallocation by age, during and after the financial crisis. Private education and private health consumption decreased for children between 1996 and 2000. However, the decrease in private education and private health consumption was mitigated by the increase in public consumption. It appears that the public sector did not only mitigate the adverse impact of the economic crisis on consumption, but it also reduced the widening disparity amongst generations. Within transfers, the public transfers for the elderly increased substantially as the private transfers decreased rapidly. Finally, there was a big increase in the asset-based reallocation of the elderly. The increase in asset-based reallocation was mainly due to an increase in asset income between 1996 and 2000, but it was almost entirely due to a decrease in saving (i.e. an increase in dissaving) between 2000 and 2005. This suggests that Korean elderly seemed to have some degree of supporting system during the crisis, even without sufficient pension benefits. The increased reliance on asset accumulation will be critical in the long-run in Korea, as public pension funds diminish due to population aging.

• Korean Journal of Social Welfare Studies
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• v.44 no.2
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• pp.437-463
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• 2013

As polarization and class reproduction between generations are considered to be serious problems in Korean society, increasing number of assortative mating, which means marrying between homogeneous family background, income class, and educational background, is on the spotlight socially. Some worry that the increase of assortative mating can reinforce closure of social mobility so it deepens inequality and limits class mobility between generations. This research analyzes the effects of accomplishment characteristics of husbands and wives and ascriptive characteristics of parents which consist the concept of assortative mating, on income, consumption, and assets those represent economic status of a family. The purpose of this research is to suggest empirical understanding on the role of assortative mating that affect on inequality within generations and income mobility between generations in Korean society. In the result of multiple regression analysis on the effect of assortative mating on income, consumption, and assets, high educational background was the factor that increase income and consumption level as accomplishment characteristics of assortative mating. As ascriptive characteristics of assortative mating, educational homogeneous of fathers was the factor that increased asset level. While accomplishment characteristics affect income and consumption, ascriptive characteristics of homogeneous had significant effect on assets. Thus, it was found that transfer between generations had effects around asset rather than income. In particular, ascriptive characteristics in young husbands and wives aged 20s or 30s had significant effect only on the assets.

• Journal of Families and Better Life
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• v.31 no.4
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• pp.131-144
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• 2013

Financial transfers between parents and their adult children are a growing trend in Korean society. This study investigates the relation of household assets to intergenerational financial transfers among the middle-aged and focuses on the influences of various types of assets on financial transfers from the middle-aged to their older parents and adult children. The paper presents an analysis of data from the second wave of KReIS on the financial transfers provided by those aged 50-69 years to their parents and children. The results show that around one-fifth of the respondents reported providing financial resource transfers to their parents, and that about one-third of the respondents provided financial transfers to their children. In terms of the other direction of financial transfers, a small percentage of the respondents received financial transfers from their parents; otherwise more than half of the respondents reported receiving financial transfers from their children. The influences of various types of assets are statistically significant on financial transfers to parents, to adult children and from adult children. Specifically the size of financial assets is associated with a likelihood of providing financial resource to both parents and children.

• Journal of Family Resource Management and Policy Review
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• v.17 no.1
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• pp.199-219
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• 2013

The purpose of the study was to investigate the effects of money transfer between generations on preparation behaviors for retirement, separated into assets and saving for retirement. The survey was conducted by targeting 422 married people across the nation. The factor of money transfer between generations was defined as the inheritance and gift variable. The data were analyzed using SPSS 20. Correlation, analysis of variance (ANOVA), and multiple regressions were utilized. The results indicated that preparation behaviors for retirement are affected by the economic independence of parents, inheritance, expenses for children's education, and marriage. Retirement assets were significantly affected by inheritance, the economic independence of parents, educational expenses for children, financial assets, and amount of debt, while the significant factors related to retirement savings were interests on retirement, income, wedding expenses for children, economic independence of parents, and educational expenses for children. It was concluded that the financial preparation for retirement ought to be expanded from one household's finances to finances between generations.

• Journal of Families and Better Life
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• v.23 no.1 s.73
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• pp.187-195
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• 2005

The purpose of this study is to examine the influence of parent-to-child financial transfers and economic resources on financial transfers, caregiving, and time donated from middle-aged adult children to their elderly parents. Analyzing data from the Wisconsin Longitudinal Study, which provides long-term observations of financial reciprocity and recent reports about elder care, the current study finds strong positive effects of prior parent-to-child financial transfers in the models of caregiving and time; which indicates the importance of reciprocity. In terms of determinants of resource transfers, the findings of logistic regression analyses suggest that the economic resources of parents and adult children are strong determinants of child-to-parent financial resource transfers. Sociodemographic characteristics of parents and respondents were observed as strong determinants of caregiving or time. In addition, caregiving responds more to the health and income levels of parents whereas donated time is responsive to the net worth of parents and parents' status. For adult children, gender is a strong determinant of both caregiving and time donation. The long-term health problem of adult children is a statistically significant predictor of caregiving, while the employment status of adult children and the number of siblings have statistically a significant association with time donated to care for the parents.

• Korean Journal of Social Welfare
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• v.62 no.3
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• pp.31-58
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• 2010

Using Seoul Welfare Panel Study, this research examines regional differentials in income and asset between Gangnam households and Non-Gangnam households in Seoul. Applying the Oaxaca decomposition method, it also decomposes factors associated with the differentials into explained and unexplained components. Results show that average monthly income is about 4 million won for Gangnam households and 3.2 million won for Non-Gangnam households. The explained component accounts for most of the income differential, which mainly originates from differences in the distributions of individual and household characteristics associated with the monthly income. The net asset differential between the two regions is much greater than the income differential. The net asset is about 460 million won for Gangnam households and approximately 280 million won for Non-Gangnam households. Most of the net asset differential is remained unexplained after controlling for covariates which measure demographic characteristics of householders and various features of labor market in which household members are employeed. It implies that other factors such as inter-generational transfers of wealth may play a significant role in creating the net asset differential.

• The Journal of the Convergence on Culture Technology
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• v.7 no.3
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• pp.445-451
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• 2021

Korean film director Lee Joon-ik's two most recently released works, (2018) and (2021), introduce some changes to the world of male bonds, where bromance colors prevailed. It is a father-son or pseudo father-son relationship that has not been dealt with in the exploration of vary kind of intimacy and relationships between men in the 'Lee Joon-ik's films'. If depicts a blood-related father-son relationship, highlights the teacher-disciple relationship, or pseudo father-son relationship. In that respect, the films continue, change, and expand the relationship setting, the sense of problems in the previous film, and inevitably raise the issue of 'generation' and 'inheritance' required today by illuminating the father-son relationship.