‘I Do’ Becomes ‘I Might’ as Marriage Views Shift in Seoul

Jun 12, 2014

‘I Do’ Becomes ‘I Might’ as Marriage Views Shift in Seoul

JEYUP S. KWAAK

Traditional views on marriage are changing in Seoul, with more people saying tying the knot is optional and divorce is OK. While fewer people take vows each year, the number of women marrying younger men is on the rise.

Seoul City Hall released this week a set of data from recent years that suggest that citizens are showing an increasingly lax attitude toward matrimony.

National Statistics Bureau data show that the number of marriage licenses issued in 2013 fell to the lowest in nearly a quarter-century.

In a separate survey from 2012, 62.4% of respondents said that marriage is still a necessity, down from 68% in 2008, but more than one-third said that marriage is just “an option,” up from 28.2% in 2008.

Fewer than seven out of 1,000 Seoulites got hitched last year, one of the lowest annual marriage rates on record. That remains higher than most of the developed world: In 2009, the latest available year from the Organization for Economic Cooperation and Development, the number of marriages per 1,000 people across the club of the world’s most developed economies was five.

Attitudes toward divorce also appear to be changing. In the same survey, 44.8% of respondents said they opposed divorce, down from 57.3% four years earlier.

Older people in particular are increasingly open to the option of divorce, with a marked rise in divorces for men and women over 50, according to Statistics Korea data. Meanwhile, the divorce rate has fallen for those under 50 in the decade ending last year.

The overall divorce rate, which peaked at 3.2 out of 1,000 in 2003, has fallen to 2 out of 1,000 since 2011. The number of splits spiked after 1997, the year of the Asian financial crisis.

Nearly 85% of Seoul’s 68,819 newlyweds last year were first-timers and older than in earlier years. The average age for a male Seoulite’s first marriage was 32.6 last year, up from 28.5 years old two decades ago. For women, the average age last year reached 30.4, up from 25.7 in 1993. The number of those women marrying men of the same age or younger has leaped to 31.3% in 2013, up from just 18.7% two decades before, in a sign of a departure from tradition.

 

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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