South Korea Leads in High Childcare Costs with Low Fertility Rates

South Korea and China have been named the countries with the highest child-rearing costs globally.

The Beijing Institute of Population and Public Policy recently released the 2024 edition of the “China Child-Rearing Cost Report.”

According to the report, South Korea’s cost of raising a child until 18 is 7.79 times its GDP per capita, the highest in the world. China follows with 6.3 times.

Following are Italy (6.28 times), the UK (5.25 times), and New Zealand (4.55 times) rounding out the top five. Japan (4.26 times), the U.S. (4.11 times), and Germany (3.64 times) also had high costs.

On the other hand, Singapore (2.1 times), Australia (2.08 times), and France (2.24 times) exhibit comparatively lower child-rearing expenses relative to their income.

The report stated, “The willingness of Chinese people to have children is nearly at its lowest globally due to exorbitant childbirth costs and the challenges women face in balancing work and family responsibilities.” It underscores the current population situation as nearing a collapse in birth rates.

The number of newborns in China has decreased for two consecutive years, falling below 10 million in 2022 and 2023.

The researchers behind the study stressed the need for national policies to reduce childbirth and child-rearing costs as soon as possible, including housing subsidies, financial support such as tax benefits, expansion of maternity and parental leave opportunities, protection of health rights for unmarried women, and education reform.