The meaning of life? In most places it's family. In South Korea, it's money: it's official

Every Monday, Jeong Jae-bong goes to his office in Seoul and messages his clients, family and friends with his hot new tips about the latest funds and stocks.

"Everyone these days wants to know how they can live better lives," said the 27-year-old asset manager. "My clients say that money is the only way to achieve this, whether it's by investing in stocks, bitcoin or real estate."

Questions about the meaning of life and whether money brings happiness are probably as old as money itself. But in South Korea, a consensus, of sorts, appears to be forming.

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In a recent survey, the Pew Research Centre asked respondents in 17 developed societies where they found "meaning in life". In most of the places - 14 - "family" was the top answer (though Taiwan plumped for "society" and Spain opted for "health").

There was just one place that put "material well-being" at the top of its list: South Korea.

Jarring as that may sound to an outsider, for many South Koreans and particularly the younger generation, the result was not in the least surprising.

Sociologists say that is because a nationwide prioritising of economics over family life stretches back decades, at both societal and individual levels, and dates back to government family planning policies rooted in the 1960s that encouraged the message that wealth and comfort trumps procreation.

What's more, they say, modern trends, rising living costs and rampant capitalism have reinforced the message to younger generations.

An increasing wealth gap and a runaway property market have put the purchase of family homes out of reach of all but the wealthiest South Korean, leaving the younger generation with little option but to prioritise the career ladder for the simple reason that they need to do so to be able to afford a family.

Against that background perhaps it is not surprising that people like Jeong should be in such demand. As of this year, in South Korea there are nearly as many bank accounts - 50 million according to the Korea Financial Investment Association - showing signs of investment activity as there are people (the total population is estimated at 51 million).

Said Jeong: "We can't help that we live in a capitalistic society where the quality of life changes according to the amount of money one has."

Sociologists say the rise of materialism has largely coincided with the fall of the country's birth rate, which has been steadily declining since the 1960s.

In the baby boom years following the Korean war in the 1950s, the total fertility rate was above 6, giving the government a headache over how to feed its rapidly expanding population.

Citing the 18th century Malthusian Theory of Population - a model often used as a cautionary tale of how growing populations can outpace their food supplies - it introduced a family planning campaign in 1962 to reduce unwanted births.

At the same time, it began pushing the message that "having too many children would affect the wealth of the family", said Kim Jee-youn, the president of the Korean Association of Family and Health.

"The country even allowed abortions to happen in the name of wealth," Kim said. "The fact that the country promoted birth control to supposedly overcome poverty shows the materialistic side of the country."

In terms of cutting births, the policy was an outstanding success. By the early 1980s the total fertility rate had dropped to below 2; three years ago it dropped below 1; and is presently at a record-low of 0.82. A rate of 2.1 is needed to sustain a population without immigration.

But Kim pointed out that the government's concern was not only about limiting the numbers of mouths to feed - it was an effort to safeguard the economy, and ensure living conditions continued to improve.

"A by-product of economic wealth in the country was the birth of materialism," Kim said. "The concept of family was sacrificed for the sake of economic development"

In 1960, South Korea's GDP per capita stood at US$158, according to the World Bank, and the economy depended largely on foreign aid.

In what since has become known as the "miracle at the Han River", its GDP per capita increased to US$3,555 in 1987, thanks largely to rapid industrialisation accompanied by the government-backed growth of family conglomerates like Samsung and LG.

In 2018, GDP per capita hit US$33,423, putting the country alongside the OECD nations that previously gave it handouts.

On an individual level, the rise of the country's economy has had a secondary impact: runaway living costs that have left the younger generation struggling to get by.

Real estate experts say it is already near impossible for young people without family wealth to purchase homes, particularly in Seoul, which has a reputation as one of the most costly Asia-Pacific cities to buy property.

This is reflected in people like asset manager Jeong who, seeing house prices are out of reach, turn to buying stocks instead.

The employment website Saramin found in a survey this year that 43.2 per cent of workers had entered the world of investing because they were anxious over their futures.

Moon Byung-do, 29, who has a high-paying job at a major engineering company - and admits to not being satisfied with his work - said it was only natural to put money first in life.

"In the end, money is time and work," he said. "You don't have to work as much if you have money, so you will gain time and freedom with lots of money."

South Korea is also notoriously overworked; parents and children pay for the workaholic ethic by spending very little time together, which reinforces the idea that money comes first.

The little time that parents do tend to spend with their children tends to focus on education - another area of hyper-competition and one which is largely centred around parents trying to ensure their children graduate into high-paying jobs.

A 2017 study by the Korea Institute of Childcare and Education found that parents spent a quarter of their household incomes on their children, largely on private education.

Much of this goes toward preparing them for the infamous eight-hour college entrance exam, known as Suneung, that was taken last month by high school seniors.

To perform well in this exam, which is central to getting into a top university and therefore a well-paying job, it is standard for children to study after school, on weekends and at cram schools late into the night. There is precious little time left for family.

So pressured is the educational load on children that it is often cited as contributing to the country's youth suicide rate, which is one of the world's highest. There were 876 suicides among South Koreans aged between 9 to 24 years old in 2019, which equals to 9.9 suicides per 100,000. In Italy, where "family" was the most favoured "meaning" in life, there were 537 suicides among youths aged 15-34 in 2018, according to Statista.

Nevertheless, none of this is to say that all South Koreans rate material wealth over family. While "material well-being" was the most popular answer, gaining 19 per cent of the vote, "health" came in second with 17 per cent while "family" was third with 16 per cent. Across all countries, the average choosing "family" was 38 per cent.

Kim Yeon-gyeong, 28, is one of those for whom nothing tops family.

"Family is the meaning of life for me," said the aspiring actress who has appeared in small roles in dramas and plays.

"They were at my side when life was so hard on me," she added, saying they had been supportive when she did not land the roles she most wanted. Her family had always told her to "always do her best in the moment and to enjoy it".

Living with her parents near Seoul, Kim holds onto two dreams.

"I've wanted to become an actor since I was little, and I'm still making every effort to make that come true," she said. "But that comes second to making my family a priority, even before myself."

This article originally appeared on the South China Morning Post (SCMP).

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