One in eight middle-aged South Koreans are caught in a challenging predicament, shouldering the burden of family care while simultaneously lacking adequate preparation for their own retirement. (Image courtesy of Yonhap)
SEOUL, Aug. 13 (Korea Bizwire) – A recent study has revealed that one in eight middle-aged South Koreans are caught in a challenging predicament, shouldering the burden of family care while simultaneously lacking adequate preparation for their own retirement.
The Korea Institute for Health and Social Affairs (KIHASA) released a report on August 11 titled “The Double Burden of Middle-Aged Adults and Perceptions of Social Anxiety: Focusing on Family Care and Retirement Preparation.”
The study found that 12.5% of adults aged 45 to 64 are grappling with both family caregiving responsibilities and insufficient retirement planning.
This comprehensive study, based on a survey of 3,575 individuals aged 45 to 64 across the country, sheds light on the dual challenges faced by middle-aged Koreans in today’s society.
The findings paint a stark picture: 26.7% of respondents reported experiencing difficulties in their daily lives or economic activities due to family caregiving duties. Meanwhile, a staggering 43% admitted to being unprepared for retirement.
Breaking down the numbers further, 12.5% of those surveyed reported both caregiving burdens and a lack of retirement preparation. On the other hand, 42.7% stated they had neither caregiving responsibilities nor concerns about their retirement readiness.
The study identified several demographic factors associated with a higher likelihood of facing this double burden.
Men, individuals in their late 40s to early 50s, those from lower-income backgrounds in their youth, the unemployed, and those currently in lower income brackets were more likely to report struggling with both caregiving and retirement planning.
Interestingly, the research revealed generational differences in the experience of this double burden. Among the first generation of baby boomers (born 1958-1963), 9.6% reported facing both challenges.
This figure rose to 12.5% for the second generation of baby boomers (born 1964-1974) and further increased to 18.1% for Generation X (born 1975-1977).
The researchers noted that these findings highlight the concentration of caregiving responsibilities – both for children and aging parents – among those in their 40s and 50s.
In contrast, those reporting neither caregiving difficulties nor retirement concerns were more likely to be male, have a university education or higher, hold permanent employment positions, and belong to higher income brackets, underscoring socioeconomic disparities in facing these challenges.
The research team emphasized the need for expanded social security policies, stating, “Middle-aged adults are expected to care for both their economically dependent children and aging parents while preparing for their own retirement, yet the social support systems to facilitate this are insufficient.”
They warned that without intervention, this double burden could not only increase social anxiety but also exacerbate existing socioeconomic inequalities.
M. H. Lee (mhlee@koreabizwire.com)
