A new report finds that parents spend more than half of their savings for retirement to pay for their children’s wedding costs.
 
The report issued by Samsung Life Insurance’s retirement research center on Thursday was based on a survey on one-thousand-501 people.
 
According to the report, parents paid 125 million won on average to cover the wedding costs of an average of two-point-two children.
 
On average, parents were found to have paid 94 million won for a son’s wedding and 42 million won for a daughter’s wedding.  
 
Such spending by parents was found to account for 55 percent of their savings for retirement.