‘Education fever’ among young parents drives spending surge: BC Card

Card Spending on Private Education Soars, Reflecting Growing Emphasis on Early Childhood Education

Shoppers look at math workbooks displayed at a bookstore in Seoul on Dec. 27, 2023. [YONHAP]

Introduction

Card spending on private education has experienced a significant surge over the past three years, driven by the growing “education fever” among young parents. This trend reflects the increasing emphasis on early childhood education and aligns with the Sustainable Development Goal (SDG) 4: Quality Education.

Statistics and Trends

According to the latest data from the BC Institute of Innovative Finance:

1. The number of BC Card users in their 30s paying for private cram schools, or “hagwon” in Korean, surged by 130.1 percent last year compared to 2020.
2. The number of BC Card users paying for private arts and sports education increased by 76.6 percent from 2020.
3. The number of BC Card users subscribing for worksheet services providing studying materials for home-based education saw a 92.7 percent jump during the same period.

These statistics highlight the growing enthusiasm for early childhood education for children under the age of 8, contributing to the achievement of SDG 4.

Parental Perspectives

Young parents are increasingly investing in private education for their children. A parent surnamed Hwang, who is raising a 7-year-old, stated, “My kid doesn’t like being in the daycare center all day long, so I wanted to let them experience various studying programs before attending elementary school.” This reflects the importance of providing diverse educational opportunities, as emphasized in SDG 4.

Increasing Expenditure

The amount of spending per consumer on private education is growing every year:

• Outlay on hagwon for basic academics rose by 65.5 percent since 2020.
• Expenditure on arts and sports education increased by 65.5 percent.
• Spending on worksheet services nearly doubled, with a 90.9 percent increase.

These figures demonstrate the increasing investment in education and align with SDG 4.

Kindergarten Education

Despite the declining birthrate in Korea, the amount of spending on kindergartens increased by 49.9 percent. This indicates that while the number of consumers is decreasing, the actual amount of money spent on each child has significantly grown. Kindergartens are also introducing additional education programs focusing on the English language, arts, and sports, meeting the objectives of SDG 4.

Foreign Language Education

The number of consumers in their 30s spending on foreign language education services has climbed by 90.1 percent over the past three years. The amount of spending in this area has also jumped by 85.2 percent. Additionally, the number of English kindergartens nationwide has increased, further emphasizing the importance of language education and contributing to SDG 4.

Impact on Birthrate

High education costs in Korea are considered one of the driving factors behind the country’s claim to the lowest birthrate in the world. A survey by the Korea Population, Health and Welfare Association revealed that 96 percent of respondents agreed that “the cost of raising a child is heavy.” This issue calls for discussions on diversifying extracurricular activities within public education, as suggested by Kim Eun-yeong, a researcher at the Korea Institute of Child Care and Education. Addressing this challenge is essential for achieving SDG 4.

BY OH HYO-JEONG [shin.hanee@joongang.co.kr]

SDGs, Targets, and Indicators

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 4: Quality Education
• SDG 8: Decent Work and Economic Growth
• SDG 10: Reduced Inequalities
• SDG 11: Sustainable Cities and Communities
• SDG 12: Responsible Consumption and Production

2. What specific targets under those SDGs can be identified based on the article’s content?

• Target 4.1: Ensure that all girls and boys complete free, equitable and quality primary and secondary education leading to relevant and effective learning outcomes.
• Target 4.2: Ensure that all girls and boys have access to quality early childhood development, care, and pre-primary education so that they are ready for primary education.
• Target 4.4: Increase the number of youth and adults who have relevant skills, including technical and vocational skills, for employment, decent jobs, and entrepreneurship.
• Target 4.7: Ensure that all learners acquire the knowledge and skills needed to promote sustainable development, including education for sustainable development and sustainable lifestyles.
• Target 8.5: Achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value.
• Target 10.2: Empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion, or economic or other status.
• Target 11.3: Enhance inclusive and sustainable urbanization and capacity for participatory, integrated, and sustainable human settlement planning and management in all countries.
• Target 12.8: Ensure that people everywhere have the relevant information and awareness for sustainable development and lifestyles in harmony with nature.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

Yes, there are indicators mentioned in the article that can be used to measure progress towards the identified targets. These indicators include:

• Increase in the number of BC Card users in their 30s paying for private cram schools (hagwon)
• Increase in the number of BC Card users paying for private arts and sports education
• Increase in the number of BC Card users subscribing for worksheet services providing studying materials for home-based education
• Increase in education expenditures for those in their 30s, indicating growing enthusiasm for early childhood education for children under the age of 8
• Increase in the number of consumers in their 30s spending on foreign language education services

  Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

  Source: koreajoongangdaily.joins.com

   

  

  Join us, as fellow seekers of change, on a transformative journey at https://sdgtalks.ai/welcome, where you can become a member and actively contribute to shaping a brighter future.