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20-somethings feeling the pinch from 'family month': survey

By Lee Yoon-seo

Published : May 5, 2023 - 16:33

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May is traditionally a month for a slew of family-oriented celebrations that involve gift-giving and outdoor dining.

Regarding the holidays that are concentrated in early May, more than 80 percent of Koreans in their 20s said they feel pressured about having to spend money on holidays in "family month," according to a recent survey.

The survey, conducted by job seeking site AlbaChunkuk on 615 Koreans in their 20s, showed that 85 percent of the respondents had replied they felt "strained" by the amount of money they have to spend in May.

Some 80 percent of the respondents said they planned to spend money on holidays in May, with the average estimate for their spending at 278,000 won ($210).

The survey showed that the amount differed by occupation.

College students said they would spend an average of 248,000 won, while job seekers replied that they would spend 270,000 won and office workers said they would spend some 447,000 won.

Nearly 95 percent of respondents said they planned to spend money on Parent's Day, which falls on May 8, followed by Teacher's Day on May 15 (20 percent), Korean Coming-of-Age Day on May 15 (14 percent) and Children's Day on May 5, (13 percent).

In order to ease the burden of spending money on such holidays, 43 percent said they decided to "minimize unnecessary spending" as a way to combat increased expenditure in May.

Two-fifths of the respondents said that they would create additional income through short-term part-time jobs, while 1 in 9 said they had made regular installment savings in advance for the expenditures they would have to make in May.

Also, 5.5 percent of the respondents said they would generate extra income by making secondhand trades and initiating app-tech -- which refers to the act of earning money through the use of reward apps, or smartphone applications that lets users earn money by participating in specific activities such as walking.