Think about being a parent and having children; do you honestly, sincerely think your kids would be better off literally studying the entire day, and during most of their childhood? The answer is no. Studying is important to an extent, but so is enjoying childhood and doing other things than studying all the time.
Korea only recently reduced the maximum legal working hours per week from 68 to 52. Korea also has an above average suicide rates in the 10s, 20s, and 30s (and much higher elderly suicide rate, since there are few programs for them). The outcome of the 수능 exam is so important for determining one's future that planes don't fly at that time, and workers head to work at a later hour than usual.
What's happening in Korea currently is a hyper rat race that looms over one's life from a young age. Nobody wants that, but it's inevitable due to the difficulties of finding a job in this economy.
I am not discussing whether or not work should equal reward. I'm saying there should be no need at all for this ridiculous amount of studying. The current system is fundamentally broken.