South Korean households' spending on education surged 9.1 percent in the first half of this year from a year earlier, the steepest rise in five years, the Korea Herald reported Monday quoting the report by the central bank.
Despite soaring inflation and slowing income growth, the households spent 15.34 trillion won on education, which accounts for 6.2 percent of the total spending by South Korean households, according to the Bank of Korea (BOK).
The growth of education spending is the highest since 2003 when it jumped 11.3 percent, the BOK said.
The rise in education investment amid slumping economy shows the eagerness of South Korean parents to educate their children.
"To finance rising cost of reference books, stationery, school tuition and private tutoring, consumers cut back on dining out and other household expenses," the official at the BOK said.
Household spending on education dropped 2.2 percent in 1998 during the financial crisis, but education investment jumped 15.9 percent in 2001, and growth has been steady since then, the BOK said.
In 2006 the education spending gained 8.5 percent and last year it rose 8.2 percent, the central bank added.
Source: Xinhua
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