Why Fewer South Koreans Are Choosing to Leave Anything Behind
 

 Fewer South Koreans say they plan to give anything back when they’re gone. Only about one in five now say they would leave part of their estate to society, the lowest share in more than a decade of record-keeping.

The figure—22.2 percent, according to the National Data Agency’s latest Social Survey—continues a slow, steady decline that mirrors something deeper than financial caution.

In 2015, more than a third of respondents said they hoped to donate part of their inheritance. By 2019, that number had slipped to 26 percent. Now it has fallen below even that, a quiet indicator of what sociologists describe as a fraying sense of communal trust and an anxiety about old age that runs through much of South Korean life.

Young people, interestingly, remain the most open-handed—29 percent of teenagers said they would share their inheritance someday—while only 15 percent of those over 60 said the same.

The contrast captures a generational reversal: those raised in scarcity are clinging to security; those born into relative comfort seem more willing to give.

Still, South Koreans are not turning away from generosity altogether. Four in ten said they plan to make a donation within the next year, most often to charities, welfare programs, or disaster relief.

The top reason wasn’t duty or faith but something simpler—happiness. Nearly 29 percent said they give because helping others makes them feel good.

Yet the gap between immediate giving and long-term commitment feels telling. A decade ago, as South Korea’s economy boomed and optimism ran high, people imagined wealth as something that could outlast them, a gift to the next generation.

Today, the mood is more defensive. Economic uncertainty, the strain of caring for aging parents, and the erosion of public faith in institutions have left many reluctant to promise what they may not be able to spare.

Beneath the numbers lies an emotional recalibration: generosity, once seen as a legacy, is now a luxury.

Source : http://koreabizwire.com/why-fewer-south-koreans-are-choosing-to-leave-anything-behind/337546

Comprehension

What percentage of South Koreans say they plan to leave part of their estate to society?
How has this percentage changed compared to 2015?
Which age group is the most willing to donate part of their inheritance?
What percentage of people over 60 say they would leave part of their estate to society?
What proportion of South Koreans say they plan to make a donation within the next year?
What is the most common reason people give for donating?
What factors have made older South Koreans more reluctant to commit to giving inheritance?
How do sociologists interpret the long-term decline in planned inheritance donations?

Discussion

Why do you think younger people are more open to sharing their inheritance than older generations?
Do you believe economic uncertainty affects people’s willingness to donate? How?
Should governments encourage legacy donations? Why or why not?
What does the decline in planned donations suggest about South Korean society today?
In your opinion, is generosity more of a duty, a personal choice, or a luxury?
How does trust in institutions influence people’s willingness to give?
Do you think charitable giving should be taught in schools?
How might rising living costs influence future trends in donations and inheritance?
What are meaningful ways individuals can contribute to society besides financial donations?
If you suddenly became wealthy, would you donate a portion to society? Why or why not?

Vocabulary

Estate – All the money and property a person owns at the time of their death.
Inheritance – Assets or money passed down from one generation to another.
Communal trust – Confidence people have in their community and social institutions.
Generosity – Willingness to give or share freely.
Erosion – The gradual weakening or destruction of something.
Scarcity – A lack of resources or not having enough of something.
Optimism – Hopefulness and confidence about the future.
Recalibration – Adjusting or changing one’s mindset or behavior to new conditions.