This study analyzes the determinants and impacts of household expenditure on education in South Korea with the financial, socio-economic, regional, and psychological factors influencing educational costs. Because education is regarded as crucial for economic property and social status in South Korea, severe private education expenses lead to heightened financial strain on families. By using data from the 15th National Survey of Tax and Benefit (NaSTaB), the research examines 14,897 households, addressing variables such as household debt, tax burden, income inequality perceptions, and residential satisfaction. The key findings reveal that greater household debt and tax burdens significantly impact higher private education spending, while psychological factors—like perceptions of income inequality and time preference—also significantly impact educational expenditures. This study underscores policy implications for equitable education budget distribution and reducing financial pressures on households, thereby supporting public education improvements and addressing educational disparities. Overall, the research highlights the interplay of financial, social, and psychological factors in shaping educational spending patterns, advocating for strengthened public education policies to mitigate reliance on private education. Further research on regional disparities in educational spending is recommended.