A recent survey has revealed the emergence of a “new elderly” demographic in South Korea, characterized by higher income, better education, and shifting values regarding inheritance and self-perception of age. (Image courtesy of Yonhap)
SEOUL, Oct. 17 (Korea Bizwire) – A recent survey has revealed the emergence of a “new elderly” demographic in South Korea, characterized by higher income, better education, and shifting values regarding inheritance and self-perception of age.
This trend, partly attributed to the baby boomer generation (born 1955-1963) entering their senior years, is reshaping traditional notions of retirement and elder care in the country.
The “2023 Survey on the Elderly,” released on October 16 by the Ministry of Health and Welfare, shows significant changes in the financial status and attitudes of South Korea’s older population. The survey, conducted every three years since 2008, involved face-to-face interviews with 10,078 individuals aged 65 and above across the nation.
Financial improvements are evident, with the average annual income of elderly households rising to 34.69 million won in 2023, an increase of 4.42 million won from 2020. Financial assets grew by 16.99 million won to 49.12 million won, while real estate holdings increased by 56.34 million won to 318.17 million won.
Education levels among the elderly have also risen. The proportion of high school graduates increased from 28.4% in 2020 to 31.2% in 2022, while those with college degrees or higher rose from 5.9% to 7%.
The survey found that 39% of seniors are employed, the highest figure since the study began. This represents a steady increase from 28.9% in 2014 to 36.9% in 2020.
The most common occupations were simple labor (33%), followed by skilled agricultural and fishery workers (20.3%), service workers (14.4%), and sales workers (12.5%).
Notably, attitudes towards inheritance have shifted dramatically. The percentage of respondents planning to leave more to their eldest son dropped from 21.3% to 6.5%, while those intending to use their assets for themselves and their spouses increased from 17.4% to 24.2%.
The majority (51.4%) now plan to distribute their assets equally among all children.
The survey also revealed changes in the perception of age. On average, respondents considered 71.6 years as the threshold for being considered elderly, up from 70.5 years in 2020. A significant 79.1% of respondents believed that the elderly age should be defined as 70 or above.
However, the study also highlighted concerns about the rapidly growing number of elderly individuals living alone. Single-person households among the elderly increased from 19.8% to 32.8%, while those living with children decreased from 20.1% to 10.3%.
These solo-dwelling seniors reported poorer health, nutrition, and living conditions compared to elderly couples.
M. H. Lee (mhlee@koreabizwire.com)
