Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
College students turn to 1,000 won breakfast to beat inflation
Students at Korea University put the 1,000 won breakfast on their trays at the school's cafeteria located in Seongbuk District, Seoul, Wednesday. Korea Times photo by Wang Tae-suk
By Lee Yeon-woo
By Lee Yeon-woo
College students burdened by inflation are enthusiastically praising the government's cheaply-priced breakfast policy.
Dubbed the 1,000 won breakfast, this affordable meal typically includes rice, soup and several side dishes, all for just 1,000 won ($0.77). The government subsidizes the meal, while the universities foot the remaining cost.
Although the 1,000 won breakfast policy was introduced in 2017 to reduce the number of students skipping breakfast and to promote rice consumption, demand for affordable meals is higher than ever.
“I have to get up early to beat the crowds, but it's worth it for the affordable breakfast," said a 23-year-old student at Korea University, who asked to be identified by her surname Jeong. "The competition is fierce ― there's usually a line waiting when I get there ― but the meal is great value. I hope the program continues.”
In a 2022 survey by the Ministry of Agriculture, Food and Rural Affairs, 98.7 percent of university students who responded hoped that the 1,000 won breakfast policy would continue. Additionally, 91.8 percent of respondents said they had come to realize the importance of eating breakfast thanks to the policy.
The food ministry announced on Wednesday that it plans to more than double the business scale of the government's breakfast policy. Currently, 690,000 students across 41 universities benefit from the policy. But after the announcement, the budget will increase from 780 million won to 1.58 billion won, and the number of beneficiaries will increase to 1.5 million students.
The ministry explained that despite the policy's popularity, many students are still unable to take advantage of the low-priced breakfasts due to limited availability.
“The government has decided to expand the policy to alleviate the financial burden on university students and provide support for their transition into society. By doing so, the government hopes to address the concerns and distress faced by young adults,” said Jeon Han-young, director general of the Food Industry Policy Bureau at the food ministry.