A district in South Korea is taking innovative steps to address the country’s plummeting birth rates by offering financial incentives for dating and having children, as reported by the Korean Times.
The Saha-gu district in Busan plans to host a matchmaking event this October, where participants can earn 1 million won (approximately $750) if their connection leads to an ongoing relationship, according to local reports.
“Our aim is to combat the demographic challenges posed by South Korea’s low birth rate by fostering a diverse community,” district head Lee Gap-jun shared, as noted by Asian-American news platform NextShark.
The event will cater to “single Korean and foreign men and women” aged 23 to 43 residing or working in the district. Couples who move toward marriage—such as meeting families—can each receive an extra $1,490.
Upon marriage, couples will be awarded a generous $14,900. Additionally, they might qualify for up to $22,350 as assistance with a housing deposit or rental support over five years, as reported by the New Zealand Herald.
According to sociology professor Jung Jae-hoon at Seoul Women’s University, many South Koreans prioritize spending on personal luxuries rather than starting families, leading to the country being the top spender on luxury goods per capita globally at $325. In comparison, Japan and the U.S. spend $210 and $280, respectively, as per a 2023 survey by Morgan Stanley.
Jung Yeon-je/AFP via Getty Images
A 2022 article from The Guardian highlighted a trend among South Korean youth opting for a single lifestyle, while a report by The Chosun Daily revealed that 81% of young adults prefer to live with their parents. This is largely due to the average one year delay before they start working after completing their education.
“If Korea’s birth rate continues to drop, the country’s future is at risk,” warned Lee Joong-Keun, a local business leader.