More parents ready to bequeath their estates to their children equally

By Kim Jae-heun

Six out of 10 parents plan to leave their estates to their children equally, a recent survey showed Wednesday.

According to research by the Ministry of Health and Welfare, 59.5 percent of parents aged 65 or older said they will leave their estate equally to all their children regardless of gender or birth order.

This is a great change of perception from the nation's deep-rooted male-oriented hierarchy. Traditionally, the oldest son inherited everything from his parents.

Nine percent of the interviewees said they would bequeath more of their property to their first son and only 2 percent planned to give all their property to him.

The survey also found that 17.3 percent had no plans to bequeath their wealth to their children, but spend it on themselves instead; while 2.6 percent said they would donate it to society.

People living in farming and fishing communities were more willing to give more to their first son than those living in urban areas _ 11.4 percent to 7.9 percent.

Parents who received higher education said they were willing to bequeath their estate equally to their children.

The survey, the fourth of its kind since 2008, was conducted between April and November 2017 and interviewed 10,299 participants.