One in every four elderly people does not plan to leave their home to their children, a survey shows. This is double the figure from a similar survey in 2008.
The Korea Housing Finance Corporation on Tuesday released the findings of the survey conducted on 3,600 homeowners aged 55-84 between late June to early August.
Some 25.2 percent of respondents said they will not give their home to their children when they die, compared to 12.7 percent in 2008.
A little over a half, or 52.5 percent, said they will leave homes to their children in their entirety, while 18.5 percent intend to bequeath only part of them.
But among homeowners aged 55-59, 39.1 percent said they will leave no property to their children at all.
"The younger and the higher educated parents are the less likely they are to leave their home to their kids," said Kim Nam-hyuk of the Korea Housing Institute.
The main reason is that they want to use their home equity to generate retirement income. Only 43.5 percent said they are "financially prepared for life after retirement."
They believe they need W570 million on average for retirement, but their average net worth is estimated at only W390 million (US$1=W1,149).