In a bid to counter South Korea’s declining birth rate, the Saha-gu district in Busan has devised an innovative strategy to incentivize relationship-building and family creation. As reported by the Korean Times, the district plans to host a matchmaking event in October, offering 1 million won (approximately $750) to participants who enter into a romantic relationship as a result of the event.
Saha-gu’s initiative aims to address the country’s demographic challenges by fostering a multicultural community. District head Lee Gap-jun explained that the project is part of a broader effort to counteract South Korea’s plummeting birth rate and to encourage community cohesion.
Couples who marry through the event will receive up to $14,900 in marriage support and $22,350 in housing assistance
The matchmaking event will target “single Korean and foreign men and women” aged between 23 and 43 who either live or work in the district. Successful couples who decide to marry will receive additional financial support: $1,490 if they start planning their wedding, and another $14,900 upon their marriage. However, newlyweds could also benefit from up to $22,350 in housing assistance, including a deposit or rental support for up to five years.
South Korea’s birth rate has reached a historic low of 0.72 births per woman in 2023, far below the replacement level of 2.1 required to maintain population stability, as noted by Newsweek. The societal trend of prioritizing personal financial investment over family life is evident, with South Koreans leading global spending on luxury goods—$325 per capita compared to $210 in Japan and $280 in the U.S., according to Morgan Stanley.
The shift towards single living among young South Koreans, as reported by The Guardian and The Chosun Daily, is partly attributed to economic pressures and extended periods of unemployment following education. In response, the South Korean government and various companies are exploring ways to reverse the trend.
The Booyoung Group offers $75,000 per child to its employees, while President Yoon Suk Yeol has announced the establishment of a new Birth Rate Ministry to address the “national emergency” of low birth rates and related demographic issues.
