A recent survey revealed that approximately eight out of 10 South Koreans over the age of 65 do not want to live with their children. (Image courtesy of Yonhap)
SEOUL, Sept. 27 (Korea Bizwire) – A recent survey revealed that approximately eight out of 10 South Koreans over the age of 65 do not want to live with their children.
Even during their old age, 70 percent of the elderly individuals said they were still preparing for their retirement and wanted to enjoy hobbies, travel, and sightseeing.
According to the ‘Elderly Statistics 2023’ published by Statistics Korea on Tuesday, there were 9.5 million South Koreans over 65 this year, accounting for 18.4 percent of the total population.
The share of the elderly population in the total population is expected to surpass 40 percent in 2050 after reaching 20.6 percent in 2025.
The number of elderly households where the age of the head of the household was over 65 was estimated at 5.49 million, or 25.1 percent of all households.
As of last year, the number of employed elderly individuals over 65 stood at 3.27 million, with their employment rate estimated at 36.2 percent, up 6.1 percentage points from 30.1 percent in 2012.
As of 2021, the nation’s employment rate for those over 65 stood at 34.9 percent, the highest among 38 OECD countries.
In 2021, 68.1 percent of elderly workers over 65 stated that they were still preparing for their retirement. In other words, even during their old age, they are preparing for post-retirement life.
Another 42.2 percent of elderly individuals said that they would like to spend their old age enjoying hobbies, followed by travel and sightseeing (26 percent).
The relative poverty rate for South Koreans over the age of 65 was 39.3 percent in 2021, down 1.1 percentage points from a year ago.
M. H. Lee (mhlee@koreabizwire.com)
