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Koreans spent more money than ever before on education in the first half of this year, statistics released by the Bank of Korea on Sunday show. Parents spent W15.34 trillion (US$1=W1,121) in nominal cost, up 9.1 percent from W13.78 trillion of the first half of last year. This is the biggest growth since 11.3 percent in the first half of 2003.
The ratio of spending on education, which made up 4.9 percent of total household spending in the first half of 2000, had risen to 6.1 percent in the first half of last year and to 6.2 percent this year. Annual spending on education, at W13.97 trillion in 1998, broke the W20 trillion mark in 2003, and rose to W29.35 trillion in 2007. It is expected to exceed W30 trillion this year.
Parents apparently refuse to skimp on education despite a deteriorating household economy. In a poll by the Samsung Economic Research Institute of 1,000 households, 39.6 percent named education as the last thing they would cut spending on.
(englishnews@chosun.com )
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